Benzinga | Nov 9, 2021 12:35PM EST

Why Livepeer Token Is Up More Than 107% Today

The native token of Livepeer (CRYPTO: LPT) rallied 133.38% to an all-time high of $94.13 on Tuesday morning.

What Happened: LPT saw a more than 1,000% uptick in daily trading activity, which exceeded $1.7 billion at the time of publication. The coin had a market cap of $1.86 billion and ranked 77th in terms of cryptocurrencies by market cap.

LPT has been one of the biggest gainers of the year, gaining 4,800% year-to-date. It began its most recent upward trajectory after the market priced in Livepeer's acquisition of MistServer on Oct. 18, after which the token gained 300% in price.

Livepeer uses blockchain technology to lower the cost of transcoding livestreams, which translates into major savings for those in the broadcasting business.

Through the acquisition of MistServer, a media toolkit for internet streaming, Livepeer signaled that its ecosystem of products is maturing.

Earlier today, the blockchain company also announced they would be attending ETHGlobal's Web3 Jam Hackathon this Friday.

Join us for the Web3 Jam! Starting this Friday. https://t.co/YMABR9t65j

-- Livepeer (@LivepeerOrg) November 8, 2021

In the crypto space, it is not uncommon for announcements like these to sometimes trigger significant price rallies, as in the case of Rarible (CRYPTO: RARI) before they attended NFT LDN.

Livepeer is also a part of Grayscale's line of crypto asset investment trusts. Grayscale is the manager of the world's largest Bitcoin (CRYPTO: BTC) fund, the Grayscale BItcoin Trust (OTC:GBTC).

Photo by Drew Beamer on Unsplash