Is Pyth Network Going to Zero? PYTH Price Drops 10% Overnight as New Mining Protocol Steals the Limelight
As airdrop tokens dominate market activity, Pyth Network’s decentralized oracle token $PYTH price dropped -10% overnight, leading some concerned airdrop participants asking ‘is Pyth Network going to zero?’.
This comes amid broader market interest in airdrops following the break-out performance of modular layer-1 blockchain Celestia (TIA) – which has exploded +173% since launching earlier in Q3.
Subsequent Solana-based airdrop PYTH (orange) has battled to match TIA’s star-studded growth in recent weeks, yet, so far Pyth Network seems to be struggling to replicate TIA’s (blue) skyrocket success.
PYTH Price Analysis: Is Pyth Network Going to Zero as Pyth Price Falls -10% Overnight?
Amid the downside price action, Pyth Network is currently trading at a market price of $0.4226 (representing a 24-hour change of -1.68%).
This comes as PYTH price shifts down into the lower range of the trading channel, in a -24.5% retracement move following a tough layer of resistance at the ATH of $0.55.
However, this also comes at a time when PYTH price is showing strength, as the retracement movement finds well-defended feet above $0.40 and the 20DMA (sat at $0.41), both of which are now bolstering Pyth Network’s ongoing consolidation.
PYTH price is, therefore, poised for a second rally leg, with the healthy downshift cementing +46% week-on-week gains.
Meanwhile, the RSI indicator has also refrained from overheating on the recent move, with a current neutral signal at 53, leaving the door open to upside movements from here.
Bullish sentiment is matched by the MACD indicator, which is signaling minor divergence at 0.0024 as upside momentum resumes.
Overall, PYTH price looks strong here, with a well-defended consolidation foreshadowing the next upside leg, it seems likely that Pyth Network will push back up to the upper side of the trading channel.
PYTH price, therefore, has an upside target at higher support around $0.47 (a potential +10.28%).
While downside risk could see PYTH price fall back down to $0.38 (a potential -10,84%).
Ongoing PYTH price action carries a consequent risk: reward ratio of 0.95, a bad entry characterized by limited upside potential on the short-time frame, yet, certainly not going to zero anytime soon.
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Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
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