Altcoins
Livepeer Price is Soaring: Here’s Why it Will Recoil Soon
Livepeer price drifted upwards on Friday as investors moved to video-focused tokens. LPT price soared to a high of $10.3, the highest point since November 8 of this year. It has jumped by more than 164% from the lowest point in December.
What is Livepeer?
Video is a major industry that is currently dominated by large centralized platforms like Vimeo and YouTube. These platforms work well because of the vast amount of money the companies have invested in video infrastructure.
However, some industry players believe that the industry is ripe for disruption using the blockchain technology. Some of the leading players disrupting the video industry is Livepeer and Theta Network. Instead of relying on centralized servers, these networks rely on thousands of distributed servers.
The network works in a relatively simple approach. The video broadcaster comes up with a video content and then distributes through a distributed network.
Livepeer has been used to build several decentralized video platforms in the industry like Xeenom, Bonfire, Kavarii, and LiveSpace among others. For example, Lenstube is a decentralized and open-source video-sharing social media platform while The Lot Radio is an independent online radio that streams on a 24/7 basis.
However, there are concerns whether Livepeer and similar platforms are needed in the first place since centralized ones like YouTube, Rumble, and Vimeo work just fine. Their cost of use is also significantly cheaper, making it hard to recommend Livepeer and its peers.
Livepeer price prediction
The daily chart shows that the LPT price has been in a slow bullish trend in the past few days. This rebound was not because of any major activity in the network. Instead, it coincided with the recent rebound of cryptocurrencies like Bitcoin and Ethereum.
As LPT rose, it managed to move above the key resistance level at $6.7034, which was the lowest point on November 14. It also moved slightly above the 25-day and 50-day moving averages while oscillators have also drifted upwards.
However, this recovery happened in a period of low volume. This means that the coin will likely have a bearish breakout in the coming days. If this view is correct, the next key level to watch will be at $6.
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Ethereum price staged a strong recovery over the weekend, wiping out its previous losses after jumping by more than 11%. ETH has moved past the crucial level of $1,500 and is currently trading at 1,588.98. The altcoin’s total market cap has jumped by more than 8% over the past 24 hours, while the total volume of the coin traded increased by nearly 37%.
Fundamentals
Ethereum price staged a strong comeback during the weekend, breaking its 5-day consecutive downtrend. Ethereum’s recovery is in line with the overall recovery in the crypto market. The global crypto market cap has jumped past the $1 trillion level and currently sits at $1.02 trillion. The total crypto market volume has increased by more than 31% over the last day.
Last week was a tough week for the crypto community. The Silvergate crisis, as well as fears about potential further interest rate hikes, had been weighing on the crypto market in the past week. Silvergate recently announced its plans to wind down its operations and liquidate its bank, staging the biggest hit on the crypto market after FTX’s collapse and Terra’s LUNA crash.
Notably, Fed chair Jerome Powell warned that the US central bank is likely to impose further interest rate hikes to higher levels than previously anticipated. The raising of interest rates over the past year has heavily weighed on risk assets such as cryptocurrencies and stocks.
Binance, the…
Cardano price has been under intense pressure for the past few days as Silvergate poses for a potential bankruptcy. ADA has slipped by more than 7% in the past week but remains 32% higher in the year to date. At the time of writing, ADA was 2.54% lower at $0.3221, while its total market cap inched nearly 1% lower. Cardano ranks as the 7th largest cryptocurrency by market cap after XRP and above Polygon.
Fundamental Analysis
Cardano price has recorded a sharp decline for the past few days as Silvergate’s crisis continues to weigh on cryptocurrencies. Silvergate Capital is a Californian bank that pioneered money transactions between cryptocurrencies and hard cash. The Silvergate crisis looks to be the next big failure after the collapse of FTX and Terra’s LUNA meltdown.
Data by Coinmarketcap show that the global crypto market cap has continued to move lower to $1.01 trillion, pointing to a bearish outlook in the crypto market. Bitcoin’s dominance has also inched lower as the digital asset remains at the $22,000 level.
Fears of higher interest rates by the US Federal Reserve have been gnawing at the markets, following Powell’s hawkish tone. Fed chair Jerome Powell announced on Tuesday that the Federal Reserve is prepared to return to bigger interest rate hikes in a bid to fight inflation.
The US central bank has been struggling to cool the economy despite a year-long campaign of…
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