Pi Network (PI) experienced a sudden rise in popularity and price over the last few months. The asset briefly climbed into the top 15 cryptocurrencies by market cap. PI hit an all-time high of $2.99 on Feb. 26. The coin’s price has dropped by 61.5% from its peak. The project has also slipped to the 21st position among the highest market cap list.
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Pi Network Bleeds While Market Recovers
The cryptocurrency market is showing signs of a recovery from last week’s dip. Bitcoin (BTC) fell to the $77,000 price level on Mar. 11. BTC has since recovered the $83,000 price point. Other assets follow BTC’s recovery trajectory.
While the market is showing signs of a recovery, Pi Network (PI) is facing a substantial price correction. The coin’s price is red across the board. PI has fallen by 0.4% in the daily charts, 22.2% in the weekly charts, and 37.3% in the 14-day charts.
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PI’s correction could be due to investors booking profits after it hit an all-time high last month. The coin does not have much real-world utility. Investors may not have had much reason to continue holding.
New All-Time High For The Cryptocurrency
While Pi Network (PI) has faced a substantial correction, the asset is predicted to hit a new all-time high soon.
According to CoinCodex, PI could surge to $5.26 on Apr. 25. PI’s price will rally by 353.45% if it hits the $5.26 target.
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There is also a possibility that PI will not hit a new all-time high as predicted. The asset could continue slumping over the coming weeks. The market has not fully recovered and macroeconomic factors present considerable challenges.