Why Is Pyth Network (PYTH) Price Surging 70% Today?
The post Why Is Pyth Network (PYTH) Price Surging 70% Today? appeared on BitcoinEthereumNews.com.
Key Notes The Bureau of Economic Analysis will distribute GDP and other macroeconomic indicators across nine major blockchains including Bitcoin and Ethereum. PYTH dramatically outperformed Chainlink’s 4% gain, reaching $1 billion market cap for the first time since May 2025. Technical analysis shows golden cross formation with RSI at 70.91, suggesting potential for further gains toward $0.21 resistance level. After opening trading near $0.11, Pyth Network PYTH $0.22 24h volatility: 83.8% Market cap: $1.22 B Vol. 24h: $1.97 B price surged almost 70% intraday on Thursday, Aug. 28, breaching the $0.19 level to hit $1 billion market capitalization for the first time since May. The rally was triggered after the US Department of Commerce confirmed plans to publish official economic data through both Chainlink LINK $24.18 24h volatility: 1.1% Market cap: $16.39 B Vol. 24h: $2.66 B and Pyth Network. The Bureau of Economic Analysis (BEA) will distribute macroeconomic indicators, including GDP, PCE Price Index, and Real Final Sales, across nine blockchains, including Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism. Pyth Network Price Action on Aug 28 2025 | Source: CoinMarketCap While Chainlink’s LINK token gained just over 4% before encountering resistance at $25, PYTH dramatically outperformed with a 68% jump. Pyth Network is working with @CommerceGov to power the distribution of gross domestic product data onchain. Chief Executive Officer of Douro Labs, @mdomcahill was the only person quoted in the White House exclusive press release with @Bloomberg to speak on how Pyth Network is… pic.twitter.com/3HfZ65ilIK — Pyth Network 🔮 (@PythNetwork) August 28, 2025 Notably, Mike Cahill, CEO of Pyth parent firm Douro Labs, was the only executive quoted in the official White House press release distributed via Bloomberg, signaling Pyth’s prominent role in the initiative. “The entire administration has embraced this… With today’s announcement…
Filed under: News - @ August 29, 2025 4:30 am