Decentralised Video Streaming Token Livepeer Pumps 150% Amid Flurry of Announcements

November 11, 2021, 10:15 AM AEST - 2 weeks ago

Livepeer, the Ethereum-based altcoin, has made considerable gains in the past few days, breaking the top 100 crypto assets. This comes after a flurry of announcements made by the project after reaching some of its major anticipated milestones.

Tokens Surge as Market Pushes New Heights

As bitcoin (BTC) pushes new all-time highs, the crypto industry at large has also recently broken its high of US$3 trillion market capitalisation, showing that the market is getting an increasing amount of attention.

Decentralised video streaming project Livepeer (LPT), an altcoin backed by Coinbase Ventures and Digital Currency Group, soared to a new all-time yesterday of US$100.99, rallying more than 140 percent within a 24-hour period. The price of LPT is currently sitting around US$70, and the altcoin is now the 98th-largest crypto by market cap.

Livepeer price chart. Source: CoinGecko

Livepeer has been busy brewing up a storm of announcements throughout October, which turned out to be a month of firsts for the project. It made its first acquisition, buying MistServer, a media server that offers broadcasters an alternative to high-cost cloud providers. It commissioned its first NFT, and logged a first week above 3.6 million minutes. The momentum carried through to NFT.NYC last week, where Livepeer co-hosted COLLIDE, the first-ever concert with live NFT minting:

Livepeer’s mission is to build the world’s open video infrastructure … Together, Livepeer and MistServer provide a disruptive infrastructure that offers a high-quality, low-cost alternative to the traditional proprietary vendors running on expensive big tech cloud platforms.

Livepeer announcement

Hype and Excited Markets

In a market as bullish as crypto, certain announcements can make coin prices soar through the roof. With loads of exposure across social networks, news travels fast and if the market sees it as a buying opportunity, it could mean a possible parabolic spike in a coin’s price. For example, when Facebook announced its rebranding to Meta, many metaverse tokens saw considerable gains, including SAND token, which pumped 158 percent during last week.

Popular meme cryptocurrency Dogecoin (DOGE) also made headlines again last month when the cryptocurrency recorded an up to 40 percent increase in value, following an announcement that Chainalysis would start providing insights on crypto.

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