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Chainlink (LINK) may dominate the oracle market, but Pyth Network (PYTH) has emerged as a strong competitor. Following its listing on the major cryptocurrency exchange Binance, PYTH’s price reached new highs and provided competition against LINK. This has led to speculation that PYTH could become a high-value altcoin like LINK.
Could Pyth Network Become as Valuable as Chainlink?
Pyth Network is speculated to be a strong competitor against Chainlink, prompting a closer look at its market potential. Pyth Network is a decentralized oracle network designed specifically for smart contracts, offering high accuracy, sub-second updates, and cross-blockchain data flows. The network boasts a comprehensive ecosystem with support for over 45 blockchains, 250 applications, more than 80 million daily updates, and 400 data streams.
When compared to Chainlink, Pyth Network stands out in several ways. Unlike Chainlink, Pyth Network uses first-party data from major institutions like CBOE and Binance, potentially offering more accurate information. Additionally, Pyth Network provides real-time data streams with updates in under a second, while Chainlink updates occur every few seconds.
Pyth Network’s universal access and consistent performance across different blockchains is a feature currently not found in Chainlink. Cryptocurrency analyst Wise Advice recently drew attention to PYTH, which saw its price rise above $0.50 after being listed on Binance. However, Wise Advice also highlighted some challenges PYTH faces. Despite being promising, Pyth Network lacks the established status of Chainlink. Moreover, only 15% of the total PYTH supply is currently in circulation, which could be a disadvantage as it may benefit short-sellers.
The analyst emphasized that Chainlink has been the dominant force in the oracle market for a long time. Nevertheless, he sees Pyth Network as a noteworthy competitor, albeit with high risk. Therefore, investors should assess their risk appetite before investing in PYTH.
Analyst Predicts PYTH’s Price Could Reach $1
Experienced cryptocurrency analyst Crypto Ninja has suggested that PYTH’s price could reach $1. The analyst noted on his personal X account that the buying volume has increased and this surge retested the $0.50 level. He mentioned that if the altcoin’s price stays above the $0.50 level, the next potential target could be $1.
In light of the analyst’s expectations, PYTH’s price at the time of writing this article is just below the $0.50 level. According to current data, the altcoin’s price has seen a 0.24% decrease over the last 24 hours, trading at $0.4982. If the altcoin’s price rises above and manages to stay over the $0.50 level, it could touch $1 as Crypto Ninja predicted.
