Pyth Network is currently capturing attention in the cryptocurrency market due to its impressive price increase. This growth is attributed to a significant partnership announcement with the U.S. Department of Commerce.
Reasons for the Rise of Pyth Network
Pyth Network has surged over 80% in a day, making it the fastest-growing token in the top 100. This increase is a result of the announcement that the U.S. Department of Commerce has chosen Pyth to verify and distribute official economic data.
How Pyth Network Will Assist the U.S. Government
Pyth Network will start by providing GDP data from the past five years and will update information regularly. The platform promises high speed and reliability by using cryptographic methods to ensure data integrity.
Technical Picture of Pyth Network
On the 4-hour chart, the price of Pyth jumped from $0.12 to $0.24. Trading volume rose to over 664 million, indicating high market activity. Current data shows support at $0.20 and resistance near $0.25.
The partnership of Pyth Network with the U.S. Department of Commerce has significantly strengthened the token's position in the market, as evidenced by its rapid rise. This new role could substantially change the landscape of integrating traditional finance with blockchain.
