The cryptocurrency market is always buzzing with new trends and coins that capture the attention of traders and investors alike. One such coin that has been making waves recently is the LPT coin.
This coin has seen a significant surge in its price, making it one of the trending coins in the industry today. Currently trading at $5.63, the LPT coin has witnessed a whopping 40% price increase in the last 24 hours.
But what’s causing this surge?
According to the famous Twitter analyst, Captain Faibik (@CryptoFaibik), “$LPT is on the verge of Falling Wedge Breakout following an extended period of Consolidation.” He further advises his followers to “Keep an eye on it.”
In a recent tweet, renowned DeFi researcher and famous Twitter analyst, Sherlock (@Sherlockwhale), provided a short call on the $LPT coin. With specified entry points ranging from $5.272 to $5.609, Sherlock advises a stop loss on a 4-hour candle close above $5.709.
The final target for this short position is set at $3.994. Sherlock’s rationale behind this move is the observation that $LPT, upon hitting its daily resistance, has minimal chances of reverting to its entry points. As always, traders are advised to proceed with caution and conduct their own research.
However, the buzz doesn’t stop there. Tory Green (@MTorygreen), a well-known trader and technical analysis expert, has shed light on the significance of LPT, especially in the realm of video transcoding. In a detailed thread, Green explains that video, which constitutes over 80% of total internet traffic, requires transcoding to be viewable across various devices. This process, though essential, is expensive and can cost companies millions.
Centralized cloud providers like AWS, Google, and Microsoft dominate the transcoding market, leading to high competition, unreliable delivery, and potential censorship. Enter LPT, a decentralized solution offering a marketplace for transcoding services. Not only is it more affordable and scalable, but it also aligns with the ethos of #Web3, making it resistant to shutdowns or censorship.
The LPT network boasts over 70K independent GPUs, having processed a staggering 186 million minutes of video. This is equivalent to the real-time video streaming of giants like Twitch, Facebook, and YouTube combined. The potential applications of Livepeer are vast, ranging from pay-as-you-go content consumption to uncensorable live journalism and video-enabled DApps.
But the vision for LPT doesn’t stop at video transcoding. With a decentralized network of 70K GPUs, the coin has potential applications in AI, rendering, gaming, and more. As Green points out, the potential value of these use cases could be in the tens of trillions. For instance, AI alone is projected to be worth $80T. If LPT successfully taps into any of these sectors, its value could skyrocket exponentially.
In conclusion, as Green aptly puts it, “$LPT is establishing a beachhead as a key technology provider in the large and growing video streaming market.” With its eyes set on the future, LPT could very well become a pivotal infrastructure provider in the estimated $10T to $30T metaverse. As always, the crypto market is unpredictable, but with insights from top-notch analysts like Captain Faibik and Tory Green, one can make informed decisions.
The LPT coin is experiencing a significant surge today, driven by a combination of factors. Recent endorsements and analyses from top-notch cryptocurrency analysts and traders on platforms like Twitter have highlighted the coin’s potential, especially in the realm of decentralized video transcoding. Additionally, the broader market’s growing interest in decentralized solutions and the recognition of LPT’s innovative approach to addressing the challenges of video streaming costs have contributed to its bullish momentum. Furthermore, with the increasing adoption of decentralized platforms and the metaverse, LPT’s vision of becoming a key infrastructure provider has garnered significant investor attention, fueling its price rally.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com