The price of Livepeer (LPT) has surged over 1,000% since reports that Grayscale Investments may be interested in the token. LPT, which was trading at $1.77 as of the 21st of January, reached an all-time high of $34 on the 20th of March.
The “Grayscale bump” is currently the newest factor fueling the increase in assets to be included in Graysale’s family of products.
The CEO of Grayscale Investments, Michael Sonnenshein, sparked another rally for LPT with a tweet, revealing the addition of new products. In the tweet posted on the 17th of March, the CEO said:
“ANNOUNCEMENT: 5 new products have been added to the Grayscale line up! Basic Attention Token $BAT, Chainlink $LINK, Decentraland $MANA, Filecoin $FIL, Livepeer $LPT.”
Within four days, the price of LPT climbed another 500%, reaching a new record high.
Additionally, data collected from Livepeer explorer showed that there had been significant growth in the network’s activities since August last year.
At press time, LPT is down 18.12% to $24.44.
Apart from being used to transfer value, LPT holders can use the token to stake and earn passive income. The token also offers the ability to participate in governance voting that involves the future of the ecosystem.
Image Credits: Pixabay
