Every bull market is marked by a item trend that catalyzes and sustains the uptrend in nugget prices. In tardily 2020, Ether (ETH) led the way as the Ethereum network saw a surge in activity due to the growing popularity of the decentralized finance (DeFi) sector and the expectation that the altcoin would rally into the Ethereum ii.0 launch.

Equally further signs of institutional money entering the cryptocurrency sector increase, the "Grayscale bump" has emerged as the newest trend that may trigger rallies in assets that are listed to be added to Grayscale'due south family of products. This is exactly what happened with Livepeer (LPT), a decentralized video streaming network and associated token built on Ethereum that was recently included in a new Grayscale trust.

LPT/USD 6-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that the price of Livepeer has catapulted more than 1,000% since it was first revealed as a token of interest for Grayscale Investments, and the cost rallied from $1.77 on Jan. 21 to a new all-time high of $34 on March twenty.

Grayscale forms an LPT trust

The price rally for LPT kicked of on Jan. 21 when it was revealed that Livepeer was one of the projects that Grayscale had formed trusts for as the firm explored potential product offerings.

On March 17, Grayscale Investments CEO Michael Sonnenshein helped ignite another rally for LPT later on posting the following tweet, which announced the official launch of new production offerings, including the Grayscale Livepeer Trust:

The declaration sparked another 500% rally in the price of LPT over the next four days and helped drive the token to a new record loftier.

Network activity shows signs of adoption

While information technology was the Grayscale announcement that might have kickstarted the LPT rally, data from the Livepeer explorer shows that activity on the network has seen meaning growth since August 2020, equally seen in the estimated utilise and fee volumes on the platform.

7-solar day estimated apply and fee volume on Livepeer. Source: Livepeer

The LPT token offers a variety of features aside from existence used to transfer value, including the power to pale to earn passive income or participate in governance voting to assistance direct the future of the ecosystem.

Community members likewise have the ability to run a Livepeer node and transcode videos for the network using their GPUs in exchange for rewards paid in the grade of ETH and LPT.

As the internet continues to increase global interconnectedness and remote working becomes the new norm, video streaming is set to get a central feature for both professional and leisure activities. Livepeer is well positioned to offering a working decentralized solution to video streaming and rendering, which could pb to further cost appreciation for LPT.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves run a risk, and you lot should conduct your own research when making a decision.