Pyth soars 9% following Polymarket integration. Will it rally higher?
Key takeaways PYTH is up 9% in the last 24 hours, outperforming other major cryptocurrencies. The rally comes following Pyth Network’s integration with Polymarket. PYTH, the native coin of the Pyth Network, is one of the best performers in the crypto market over the past 24 hours. It could rally higher in the near term […] The post Pyth soars 9% following Polymarket integration. Will it rally higher? appeared first on CoinJournal .
Pyth soars 9% following Polymarket integration. Will it rally higher?
In the past 24 hours, the cryptocurrency market has witnessed a notable surge in the value of PYTH, the native coin of the Pyth Network. PYTH has risen by 9%, outperforming other major cryptocurrencies and establishing itself as one of the best performers in the crypto market. This significant rally comes as a result of the Pyth Network's integration with Polymarket, the world's largest prediction market platform.
On Thursday, the Pyth Network announced in a blog post that Polymarket has integrated Pyth Pro as its data source for a new suite of traditional asset contracts. The initial offerings include gold, silver, and major equity index ETFs. This integration has seen PYTH rally by 9% in the last 24 hours and now trades at $0.0420 per coin.
Polymarket now relies on Pyth Pro's data to power its daily up/down and daily close markets, with live price charts updated every second to ensure full transparency. The selected assets span a wide range of traditional finance, including major equity indices, commodities like gold, silver, WTI crude, and natural gas, along with over a dozen high-profile U.S. equities such as TSLA, COIN, and PLTR.
Pyth Pro provides real-time price data through WebSocket, which Polymarket samples every second to display as a live "price to beat" chart. This allows traders to monitor the market's status relative to their position in real-time. The integration of this real-time data is a key component of Polymarket's perpetual futures trading platform.
The Pyth Network has partnered with industry leaders and government agencies like Cboe, Jane Street, Revolut, and the U.S. Department of Commerce to enhance the accuracy and accessibility of market data. This collaboration has helped establish a new model to make market data more accessible, accurate, and affordable across all asset classes and regions.
As the broader crypto market recovers from Thursday's slump, there is potential for PYTH to continue its rally in the near term. The integration with Polymarket has provided a significant boost to the cryptocurrency's value, and the partnerships with established institutions suggest a promising future for the Pyth Network.
In conclusion, the 9% surge in PYTH's value following the Polymarket integration highlights the potential for further growth in the near term. The real-time data provided by Pyth Pro is a valuable asset for Polymarket's trading platform, and the network's partnerships with leading institutions indicate a strong foundation for continued success. As the crypto market stabilizes, investors may be encouraged to watch PYTH closely for potential further gains.
