Each beef market has a specific trend that stimulates and supports the upward trend in asset prices. At the end of 2020, Ether (ETH) took the lead as the Ethereum network saw an increase in activity due to the growing popularity of the decentralized financial sector (DeFi) and expectations that altcoins will rise upon the launch of Ethereum 2.0.

As there is more and more evidence that institutional money is flowing into the cryptocurrency sector, a “ramping gray scale” is the latest trend that could lead to the addition of listed asset groups into the Grayscale family of products. This is exactly what happened with Livepeer (LPT), a decentralized video streaming and token based on Ethereum, which was recently included in the new Grayscale Fund.

6 hour chart LPT / USD. Source: TradingView
Data from Cointelegraph Markets and TradingView shows that Livepeer’s price has jumped by more than 1000% since it was first spotted as evidence of interest in Grayscale’s investments, rising from $ 1.77 on Jan 21 to a new full day of $ 34. … March 20.

Shades of Gray build confidence in LPT
The LPT price hike began on January 21, when it was revealed that Livepeer was one of the projects Grayscale had earned credence as the company examined potential product offerings.

On March 17, Michael Sonnenshin, CEO of Grayscale Investments, helped launch a new LPT meeting after the following tweet was posted, announcing the official launch of new product offerings including the Grayscale Livepeer Trust:

The announcement sparked another 500% spike in the LPT price over the next four days, helping to push the token to a new record high.

Network activity shows signs of acceptance
While it was Grayscale’s announcement that could have been the start of LPT’s career, Livepeer explorer data shows that online activity has grown significantly since August 2020, as evidenced by the estimated usage and fees of the platform.

The LPT token offers a number of advantages other than using it to convey value, including the ability to place bets to generate passive income or participate in governance to control the future of the ecosystem.

Community members also have the ability to run a Livepeer node and encode video for the web with their GPUs in exchange for rewards in the form of ETH and LPT.

As the Internet continues to expand, global connectivity and remote work are the new normal, and video streaming will become a major feature for both professionals and leisure travelers. Livepeer might offer a practical decentralized solution for streaming and playing videos, which could drive LPT prices further.

Source: CoinTelegraph