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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/can-pyth-network-emerge-as-a-strong-contender-to-chainlink/" data-wpel-link="internal">Can Pyth Network Emerge as a Strong Contender to Chainlink?</a> 
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 <a href="https://en.coin-turk.com/the-future-of-binance-challenges-and-opportunities-in-the-crypto-market/" data-wpel-link="internal">Binance</a>, 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. 
<h2 style="text-align: justify" id="strong-could-pyth-network-become-as-valuable-as-chainlink-strong">Could Pyth Network Become as Valuable as Chainlink?</h2> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-310801" src="https://coin-turk.com/wp-content/uploads/2024/02/Chainlink-Altcoin-LINK.jpeg" alt="" width="1600" height="900"> 
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. 
<h2 style="text-align: justify" id="strong-analyst-predicts-pyth-s-price-could-reach-1-strong">Analyst Predicts PYTH’s Price Could Reach $1</h2> 
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. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/can-pyth-network-emerge-as-a-strong-contender-to-chainlink/" data-wpel-link="internal">Can Pyth Network Emerge as a Strong Contender to Chainlink?</a></h5>

Can Pyth Network Emerge as a Strong Contender to Chainlink?

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