Crypto traders will take any edge they can get. From fundamental research on long-term prospects to short-term price pumps created by new exchange listings, the 24/7 digital asset market provides opportunities for investors and traders of all stripes.
But this week, those traders who incorporate the Cointelegraph Markets Pro VORTECS™ Score into their research had a special reason to celebrate the inherent volatility that makes risk-averse traders cringe… and seasoned crypto pros pop champagne corks.
LPT, the Ethereum-based native token of decentralized video streaming network Livepeer, has seen some extraordinary ups and downs over the last three months. Valued at less than $2.00 in mid-January, it soared on the news that Grayscale Investments, one of the blue chips of digital asset investment, had been poised to launch an LPT trust.
The rest of April and early May were largely uneventful for Livepeer, before a series of bullish news items once more saw the token reach its current all-time high above $44 on May 11.
As the graph below rom Cointelegraph Markets Pro illustrates, that rally was strongly driven by two announcements, delivered to the platform’s users as instantaneous NewsQuake™ notifications: Listing on Bithumb exchange and start of SGD trading on Gemini (red circle in the graph).
And then, Bitcoin and the entire crypto market tumbled… with Livepeer a major casualty.
The outlook became bleak for the asset as LPT embarked on an almost uninterrupted downward run that took it from its all-time high around $44 to the low of $11, registered on May 24.
Finally, this week brought good news that spelled a reversal of the negative trend. The VORTECS™ Score, an algorithmic comparison of historic and current market…