Livepeer (LPT): Why is this video streaming crypto rallying today?

Highlights

• Built on top of the Ethereum platform, the Livepeer crypto (LPT) is a decentralised video streaming platform that aims to offer an alternative way of economically efficient broadcasting.
• Livepeer (LPT), which was among the top three gainers of the day, is rallying over 61.35% with a volume gain of 733.26% in the past 24 hours, according to CoinMarketCap.
• The 105-ranked Livepeer crypto was trading at US$13.67 with a trading volume of US$23,88,28,076 at 7:10 AM (GMT+1), according to CoinMarketCap.

An improved market sentiment, which saw the crypto market cap jump to US$1.10 trillion with a total crypto market volume of US$104.67 billion over the past day, has brought in some good news for a few cryptos today. The positive mood saw cryptos make big moves on 29 July with the many of the cryptos topping the charts as top gainers of day.

One of the top performers of the day happened to be Livepeer (LPT), which is rallying over 61.35% with a volume gain of 733.26% in the past 24 hours, according to CoinMarketCap.

Built on top of the Ethereum platform, the Livepeer crypto (LPT) is a decentralised video streaming platform that aims to offer an alternative way of economically efficient broadcasting. LPT, unlike other streaming services such as YouTube, utlises superior computing to distance itself from traditional video streaming forms, such as YouTube, by not hosting, storing or distributing video. 

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Livepeer not only caters to those looking for high quality videos, but also to the developers who want to have video in their applications or a broadcast mechanism in their applications. The developers can tap into the Livepeer API and integrate decentralised video on their application, while there are other ways to benefit and be a part of the ecosystem.

Why is Livepeer crypto rising?

Livepeer crypto had a good run in the past one month or so and it could be one of the reasons for today’s rally. In the last one month, LPT crypto has witnessed gains of over 51.4%, while in the last 7 days or so, it has gained over 49%.

These good runs have resulted in huge market interest within the participants. The gain has been significant considering that it made the ground even when the likes of BTC and ETH were not having such a great time. As of 29 July, the RSI of the token stood at 73.61 during the intraday trading at 7:10 AM (GMT+1).

Image Credit: Trading View

The bouts of rallies have seen the MACD line move up steadily with it creating significant gap between the signal line. The MACD momentum seems to be getting stronger due to an increased market interest which may augur well for the token.

How is Livepeer crypto faring?

The 105-ranked Livepeer crypto was trading at US$13.67 with a trading volume of US$23,88,28,076 at 7:10 AM (GMT+1), according to CoinMarketCap. The LPT crypto had a live market cap of US$33,21,59,950 with 2,43,01,651 LPT coins in circulation. The Livepeer crypto’s rally would have been a heartening thing for the investors, but as smart investors they should keep a tab on the latest market trends and do a proper market research before taking investment decisions.

The Livepeer crypto’s rally would have been a heartening thing for the investors, but as smart investors they should keep a tab on the latest market trends and do a proper market research before taking investment decisions.

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