The Livepeer price has been in the spotlight in the past few hours. The LPT token soared to an all-time high of $100. This brought its gains from mid-October to more than 500%, making it one of the best-performing cryptocurrencies. As a result, its total market capitalization soared to more than $1.3 billion.
What is Livepeer? Livepeer is a platform that is taking-on companies like Vimeo and Theta that offer video solutions to companies.
The platform uses blockchain technology to incentivize more people to share their idle resources like bandwidth and network. People who share these resources are rewarded in LPT tokens. It is a relatively similar way in which Filecoin and Theta work.
In the other side, developers and companies use the platform when streaming their videos. By using a decentralized platform, companies can save money and improve the smoothness of these videos.
At the same time, Livepeer is creating a platform for non-fungible tokens (NFT). Through its platform, NFT owners can store their collections safely in a decentralized manner.
Mistserver acquisition: The Livepeer price has jumped sharply after the platform acquired MistServer, which is a streaming kit for Web 3.0 development. The platform used some of the $20 million it raised in July. Some of the contributors to the fund were Digital Currency Group (DCG) and CoinFund.
The four-hour chart shows that the Livepeer price jumped to a new all-time on Tuesday. Since then, however, the LPT token has declined sharply. This decline is partly because of the overall performance of other cryptocurrencies after the weak Coinbase earnings.
Still, the price remains above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) and MACD have also turned lower. It also formed an evening star candlestick pattern.
Therefore, for now, the LPT price will likely keep falling as bears approach the key support at $50. Still, in the coming days, I suspect that the coin will rebound as investors attempt to move above its all-time high.