Why is Livepeer (LPT) crypto rallying?

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Why is Livepeer (LPT) crypto rallying?

Why is Livepeer (LPT) crypto rallying?
Image source: © Alexanderushkevich | Megapixl.com

Highlights:

  • Livepeer claims to be the first fully decentralized live video streaming network protocol.
  • The LPT token is available for trading on several major exchanges like Binance, OKX, etc.
  • It returned over 9% gains in the last seven days.

The Livepeer (LPT) crypto gained traction in the market on April 21, with the token price rallying over 10%. Its volume skyrocketed over 106% in the trailing 24 hours to Thursday morning. But before discussing its recent rally, let's find out about the Livepeer (LPT) crypto first.

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What is Livepeer (LPT) crypto and why is it rising?

Livepeer claims to be the first fully decentralized live video streaming network protocol. Its platform intends to become a feasible blockchain-based and economically efficient alternative platform to the centralized streaming solutions of all new and existing broadcasting companies.

According to its whitepaper, it wants to take the opportunity of the fast growth of the video streaming and broadcasting sectors by introducing decentralization to the industry.

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It plans to streamline the broadcasting work, such as submitting producers’ work, reformatting, and distributing content to the streaming platforms. It is an open-source protocol launched in 2017. The project was founded by Eric Tang and Doug Petkanics.

The LPT token is available for trading on exchanges like Binance, OKX, Bybit, etc.

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The token may have been drawing attention due to the Livepeer Summit, which opened at Devconnect on April 20. At the summit (a collaborative Ethereum week), teams discuss various developments, including research and technology advancements.

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Livepeer (LPT) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The LPT token was priced at US$26.61 at 8:59 am ET on April 21, up 10.39%, while its volume for the last 24 hours rocketed 106.76% to US$93.66 million. It has a market cap of US$563.17 million, and its fully diluted market cap is US$609.55 million.

The token is ranked 123 on CoinMarketCap.com. Having a total and maximum supply of over 22.85 million, its current circulating supply is over 21.16 million.

It gave a return of 9.28% in the last seven days. The LPT token saw the highest price of US$32.10 and the lowest price of US$21.56 in the last 30 days. It reached its all-time high of US$100.24 on November 9, 2021.

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