Livepeer Price Prediction: Can the LPT Streaming Token Maintain Momentum?
Key Takeaways
- The Livepeer streaming platform’s LPT token has performed well lately.
- LPT is up by almost 40% since the start of 2023.
- Can LPT continue its upward journey?
Livepeer, a platform designed to make streaming videos easier, enjoyed a bull run in August 2023. The price of the LPT token shot up, bringing it to the attention of the wider crypto community.
While the recent news has been encouraging, things are still worse than they were a year ago, and the crypto has some way to go before it reaches previous heights.
CCN reached out to Livepeer for commentary, but did not receive a reply at the time of publishing.
But what is Livepeer (LPT)? How does Livepeer work? Let’s see what we can find out, and also take a look at some of the Livepeer Price Predictions that were being made as of August 11 2023.
Livepeer (LPT) Explained
Livepeer is a platform that aims to help people put videos online. The system is designed to make streaming quicker, easier and cheaper.
The system uses peer-to-peer (p2p) infrastructure to make sure that streaming videos works on a variety of devices.
The Livepeer platform, which was founded in 2017 by computer experts Doug Petkanics and Eric Tang and is based on the Ethereum (ETH) blockchain, is supported by the LPT token
How Livepeer Works
Livepeer uses p2p technology to allow app developers to integrate video streaming into their platforms. If someone wants to make their video available, they send their raw data to Livepeer, along with a fee.
Livepeer then turns the data into watchable videos, which can be viewed on a range of devices and platforms.
The LPT token pays for data to be turned into videos. It can also be used to pay the people who help create the videos, and people can buy, sell, or trade it on exchanges.
Since LPT is based on Ethereum, it is a token, rather than a coin. You might see references to such things as a Livepeer coin price prediction, but these are wrong.
LPT Price History
Now, let’s examine the Livepeer price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a Livepeer price prediction.
Livepeer came onto the open market in late 2018, when it was worth about $6.50. It spent the next two years or so hovering between there and $1. Things picked up in early 2021, when the crypto market flourished and LPT reached a periodic high of $43.88 on May 10. It dropped over the summer, before it shot up to an all-time high of $74.99 on November 10 2021. LPT then closed the year at $38.75.
2022 was a poor year for crypto. Livepeer was not a token which escaped the effects of a series of market crashes, and it closed the year at $4.42. This meant that it lost nearly 90% of its value over the 12 months.
So far, 2023 has been a bit more encouraging for LPT. The token reached a high of $11.30 on February 7. It dropped after that, with its nadir coming on June 10 when it traded at $4.18. Since then, it has made a fairly consistent recovery. On August 11 2023, it was worth about $6.10.
At that time, there were 28.6 million LPT in circulation, representing the total supply. This gave the token a market cap of around $175 million, making it the 154th-largest crypto by that metric.
Livepeer Price Analysis
LPT has been on an uphill climb over the last couple of months. Its price at the time of writing was 45% higher than its June low. Not only that, but it was also up nearly 40% since the start of the year.
Livepeer Coin Price Prediction
With that all said and done, let’s examine some of the Livepeer price predictions being made on August 11 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term Livepeer price prediction that said the crypto would have a good few weeks ahead, reaching $7.01 by August 16 and $9.50 by September 10. The site’s technical analysis was on the more optimistic side of neutral, with 20 indicators making bullish signals and nine sending bearish ones.
Livepeer Forecast for 2023
In terms of other Livepeer price predictions for 2023, DigitalCoinPrice said it would reach $12.90. Bitnation thought LPT could be worth $9.23 this year. PricePrediction.net said the token would trade at $4.76.
Livepeer Forecast for 2025
Bitnation made a Livepeer price prediction for 2025 that saw the token trade at $21.54. PricePrediction.net thought it would be worth $10.75. DigitalCoinPrice said LPT would reach $20.68 in two years time.
Livepeer Forecast for 2030
Moving on to a more long-term Livepeer price prediction for 2030, PricePrediction.net said it would get to $67.60. Bitnation claimed it could trade at $52.31. DigitalCoinPrice made an LPT price prediction that said it should get to $63.71 at the start of the next decade.
Is Livepeer a Good Investment?
It is not too easy to tell. Although the token has performed well recently, there is no way of telling whether or not it can maintain its recent momentum. LPT is still a long way from previous heights, and there is always the possibility that its recent success is just a flash in the pan.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in LPT.
Will Livepeer go up or down?
No one can really tell right now. While the Livepeer crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Livepeer?
Before you decide whether or not to invest in Livepeer, you will have to do your own research, not only on LPT, but on other, related, coins and tokens such as Theta Network (THETA). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
How many Livepeer are there?
On August 11 2023, there were 28.6 million LPT in circulation, representing the total supply.
Will Livepeer reach $10?
It might do. DigitalCoinPrice said it would reach that level this year, while Bitnation had it get there next year and PricePrediction.net thought it would reach double figures in 2025.
LPT has traded at above $10 before, most recently in September 2022.
What is Livepeer used for?
The LPT token pays for services on the Livepeer streaming system. People can also buy, sell, and trade it on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
