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LPT Price Rises as Grayscale Unveiled Creating LPT Trust

LPT Price Rises as Grayscale Unveiled Creating LPT Trust
  1. Livepeer token (LPT) price increased from $6 to $32.35 recently.
  2. This came after Grayscale unveiled that it will create a Trust to invest in LPT.
  3. LPT price is $18.45 with a 24h trading volume of $14,367 at the time of writing.

According to a report, the Livepeer token (LPT) price increased greatly a couple of days ago. This came after Grayscale disclosed that it is yet to create a Trust to invest in LPT.

About the price surge, LPT has increased drastically from $6 to $32.35 ATH in March alone. Consequently, LPT market capitalization also pushed from $120 million to $630 million simultaneously when LPT’s price increased.

Apart from Grayscale’s LPT trust, the company said it will create an additional trust for many other digital assets. These digital assets include Basic Attention Token (BAT), Decentraland (MANA), Filecoin, Chainlink, and more.

What is more, before MANA was trading at $0.79. After Grayscale news, MANA price also rose to $1.  Akin to MANA, BAT price also increased from $0.96 to $1.36, respectively. Chainlink and Filecoin also saw significant gains at that time.

Looking at the asset’s performances, it appears that Livepeer’s price grew higher compared to the other asset classes.

Discussing why LPT performed better than the other altcoins, Bitcoin.com asked CEO Josh Frank’s view.  He said that LPT performance could be “tied to the token’s low liquidity.”

He explained,

Livepeer moved the most because it is the smallest asset by market cap with the least liquidity. LPT has very little trading volume and is not listed on any major cryptocurrency exchanges. Investors reacting to the Grayscale news moved the price significantly more than the other assets due to the low liquidity.

Presently, the LPT price is $18.45 with a 24h trading volume of $14,367 at the time of writing, according to CoinGecko.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.