The Livepeer price surged to an all-time high as demand from retail traders rose. The LPT token jumped to a high of $91.55, which was about 760% above the lowest level in June. It has risen by more than 300% in the past 30 days. According to CoinMarketCap, it has a market capitalization of more than $1.33 billion, making it the 92nd biggest cryptocurrency in the world.
What is Livepeer and why is it rising?
Livepeer is a relatively new blockchain project that is aiming to compete with Theta. It is a project built on Ethereum’s blockchain that aims to help companies and artists improve their video delivery. Its goal is to reduce the cost of live streaming and improve their reliability. The developers have raised $31 million from the likes of Digital Currency Group and Coinfund.
Like Theta, Livepeer uses a decentralized approach in order to improve the speed and reliability of video streaming. It works using two key building blocks. First, there is an orchestrator, who is anyone who wants to make extra money providing their idle computing resources. These resources are CPU, GPU, and bandwidth.
Second, there are delegators, who are the Livepeer token holders who participate in the network by staking their tokens. These delegators stake their LNT token and earn a return by doing that. New LNT tokens are minted in a round that is measured using Ethereum’s blocks.
The industry of decentralized video streaming is seeing impressive growth since it provides a win-win situation for all parties. For individuals, they earn money by just providing their bandwidth while video providers save money.
However, it is too early to tell whether the industry will keep growing over time. Besides, it is a relatively young industry that deals with sensitive data.
The Livepeer price is also rising because of the overall strong sentiment in the cryptocurrency industry. In the past few days, most currencies like Bitcoin and Ethereum have surged to an all-time high. Retail traders are likely looking for the next big thing. Most importantly, the platform is showing some promise in the NFT industry.
Livepeer price prediction
The four-hour chart shows that the Livepeer price has been in a strong bullish trend in the past few days. The gains accelerated when the price moved above the key resistance level at $40, which was the previous all-time high. It has remained above the 25-day and 50-day moving averages. The MACD has kept rising.
Therefore, the coin will likely keep soaring for some time as fear of missing out (FOMO). However, in the longer term, a pullback will likely happen as the current buyers start taking profits.
