Livepeer Earnings Decline, While LPT Price Remains Constant
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- 1 Livepeer has observed a decline of over 34% in earnings in the past month.
- 2 LPT token price is currently trading near the value of $23 with a drop of 0.4% in the past 24 hours
Livepeer is one of the first live video streaming network protocols fully decentralized. It aims to become a viable and economically efficient alternative to centralized broadcasting solutions for everyone. It is an Ethereum-based platform that enables developers to bring their ideas to life. They aim to streamline the broadcasting process by allowing producers to submit their work on the platform, while the protocol seeks to distribute the content to users and streaming platforms.
Livepeer technology has a wide variety of use cases, including video-enabled decentralized applications, pay-as-you-go streaming platforms, uncensorable live journalism, and many more. The creators are integrating their API with the emerging protocols, which is changing the way they earn. The network is made up of thousands of operators who are called “Orchestors.” They provide the computing power in exchange for fees from the producers. Let’s have a look at Livepeer’s on-chain analytics.
LPT Exchange Inflow Surges While Fees Paid Declines
Livepeer aims to revolutionize the broadcasting industry by employing the power of blockchain technology. It allows users and developers to participate in the management and improvement of the platform freely. The platform is becoming a leading industry platform, allowing users to participate in numerous ways.
Source: scan.0xscope
The LPT exchange inflow has increased by over 70% in the past 24 hours, as per Santiment’s data. It has seen a rise from 60,638 tokens to 130,250 LPT coins. The inflows show that the investors are willing to take some profits due to the inflow. Meanwhile, the outflow surged by 34% in the past 24 hours. The price of LPT has remained stagnant despite the surge in the outflow.\
Livepeer fees have observed a surge in the overall fees in the last one month by 30.2%. Meanwhile, the expenses and the rewards have put pressure on the protocol, and its operating expense is nearly $8.34 Million, with a gain of 34%.
Source: Open Interest of LPT by Coinglass
Livepeer token price has been rising and is near $54 Million. Meanwhile, in the last 24 hours, the protocol has observed a long-short ratio of 1.0458. Let’s have a look at the price action scenario of the LPT token
Will LPT Price See a Comeback to $50 in 2024?
Livepeer has a market cap of $766 Million and is ranked 97th in the CMC. The volume of the LPT token price has seen a decline of over 50%, while the VM ratio suggests a consolidation in price. LPT token price is trading near the value of $23.46, with a decline of over 2.46% in the intraday session.
LPT token is currently observing weak bearish candles on the daily chart. It is trading above the 50 and 100 EMA on the daily chart. The upside trend of the LPT can see a halt near the value of $28. Meanwhile, the asset price support can be near $20.
The RSI of the LPT token price is currently near 55, with a small negative slope in it. The overall sentiment of the RSI is bearish in nature.
Conclusion
Livepeer has been observing a surge of outflow from the exchanges. A surge in open interest has been observed, and it has reached nearly $64 million. LPT token price is currently in a bearish trend but can see a new high in the future.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
