Pyth Network (PYTH) Soars Amid Crypto Market Downturn
Pyth Network Price Skyrockets Nearly 100%
Pyth Network (PYTH), a relatively lesser-known cryptocurrency, has surprisingly rallied, gaining nearly 100% in 24 hours. While major cryptocurrencies like Bitcoin and Ethereum struggle, PYTH has emerged as a top gainer.
Defying the broader market downturn, PYTH's price soared, hitting a 6-month high of $0.23. Although the price has since slightly decreased and remains 80% below its all-time high from March, the overall performance remains notable.
At the time of writing, PYTH is trading at $0.2277, with a market capitalization of $1.3 billion. Its trading volume has surged by a staggering 9267% to $2.73 billion, signaling strong investor interest.
Trump Admin Ushers GDP Data to Blockchain, Fueling PYTH Rally
The price rally is attributed to the announcement that the U.S. Commerce Department will issue GDP data on the blockchain for the first time. This move is part of a broader crypto push by the U.S. government to release official economic statistics—such as GDP and PCE data—on blockchains like Bitcoin, Ethereum, and Pyth Network.
“It’s only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain,” said Howard Lutnick (U.S. Secretary of Commerce) in a press release.
The U.S. Department of Commerce announced on August 28 that quarterly GDP data would be published via the Pyth Network and Chainlink starting in July 2025. The role of Chainlink and Pyth Network in distributing economic data has boosted investor confidence.
The U.S. Department of Commerce has selected Pyth Network to verify & distribute economic data onchain 🏛️
Today’s announcement by @howardlutnick & @realDonaldTrump marks a landmark step for the adoption of decentralization & validates Pyth’s role as a trusted data source 🧵 ⬇️ pic.twitter.com/cOvw8lDNhP
— Pyth Network 🔮 (@PythNetwork) August 28, 2025
From a technical perspective, PYTH has broken its long-term downtrend, and analysts predict a potential breakout towards $0.30 and higher.
The U.S. Commerce Department’s decision has significantly contributed to Pyth Network’s price increase, positioning it as a notable performer amidst broader market uncertainty ahead of the upcoming FOMC meeting.