The Livepeer price has gotten its mojo back. The LPT coin has risen in the past two straight days and is currently trading at $67.08, which is about 50% above the lowest level this week. This rebound has pushed its total market cap to more than $1.42 billion, making it the 96th biggest cryptocurrency in the world.
What is Livepeer and is it a good investment?
The video industry has played an important role in the so-called web 2.0. Unlike in the first generation of the internet, more users today prefer using video format instead of text-based formats,
The video industry is today dominated by big centralised players like YouTube and Facebook. These companies control what videos are in their platform. Their algorithms also control what people watch.
Livepeer is a blockchain project that is attempting to disrupt the video industry. It is built using Ethereum’s network, which is currently the most popular infrastructure network in the world.
To be clear, like Theta, Livepeer is not attempting to compete with companies like YouTube and Facebook. Instead, it is creating a platform that enables video users to improve their processes. Corporates who use video can even save thousands of dollars using its network.
It is achieving this by using a peer-to-peer data storage network. In other words, instead of using giant servers controlled by firms like Microsoft and Amazon, users can store their files to storage provided by users.
To achieve this, Livepeer using two core sections. On the one side, there is the orchestrator, who are the users who share their bandwidth and free storage with the network. These people are paid in LPT token. On the other hand, there is the delegator, who provides the tokens.
Livepeer price prediction
The LPT price jumped sharply a few weeks ago. This jump saw it rise to an all-time high of $104. It then made a major pullback as demand for the token waned. This drop saw it crash by more than 55%. Today, the coin has scaled back and is attempting to retest its all-time high. Notably, the size of the bullish candle has kept growing.
The Livepeer price has also moved above the 25-day and 50-day moving averages. Therefore, I suspect that this bullish momentum will continue during the weekend as bulls target the key resistance at $100. This price is about 50% from the current level.
