Livepeer, known by the symbol LPT, has recently showcased significant growth in value, positioning itself as the top gainer within the top 100 cryptocurrencies. Despite this upward trajectory, there is a possibility of a sharp reversal triggered by profit-taking activities.
In the past 24 hours, LPT has surged by 17.7% and is currently trading at $24.5. Earlier today, the asset reached an intraday peak of $26.16, reflecting the robust price rally of Livepeer. This surge propelled Livepeer's market cap above $800 million, securing its position on the list of the leading 100 cryptocurrencies, currently residing at the 95th spot.
Furthermore, the daily trading volume of Livepeer has soared by 108%, reaching $140 million.
Livepeer made its debut in 2017 as the pioneering decentralized and open-source platform for live video streaming. Initially, its native token plummeted to a record low of $0.42 in March 2020. However, during the bullish market of 2021, LPT soared to an all-time high of $100.24 on November 9, 2021.
Analyses from Santiment indicate a substantial rise in LPT exchange inflow, surging by 115% in the past 24 hours, escalating from 60,638 tokens to 130,250 LPT coins. This surge in inflows signifies the pursuit of short-term profits by certain investors, including whales.
Conversely, data reveals a 42% surge in Livepeer exchange outflow over the same period, climbing from 74,984 coins to 106,630 tokens. This outflow pattern suggests that some holders are leaning towards long-term investment strategies.
According to Santiment's data, the relative strength index (RSI) of LPT has increased from 48 to 61 within a day, indicating a slight overbought status for Livepeer.
This heightened trading activity, coupled with the rise in exchange inflows and the RSI, suggests the potential for increased price volatility in Livepeer's market.
