Livepeer (LPT) Price Rally 60% & SingularityNET (AGIX) 30%, Here’s Why
Livepeer (LPT) Price Rally 60% & SingularityNET (AGIX) 30%, Here's Why Livepeer, a decentralized live video streaming network protocol, and blockchain-powered AI platform SingularityNET on Friday massive rally with huge trading volumes, sparking buzz in the crypto community. What are the reasons behind the sudden upswing?Livepeer and SingularityNET After OpenAI Sora NewsOpenAI announced its text-to-video artificial intelligence model Sora. It can generate videos that are realistic and imaginative. Sam Altman asked followers to suggest messages and used Sora to turn their X posts into one-minute videos.“This helps show the world how powerful generative video can be, and progress on open models is moving faster than ever. But generating these videos requires massive GPU computing power, and can be expensive,” said Livepeer. Livepeer issued a statement today saying that as part of the Livepeer AI Video initiative, the community is working hard to bring these capabilities in affordable and open access ways into the Livepeer network in the next few months.While OpenAI Sora is a huge advancement in the AI field, SingularityNET as an AI marketplace is actively working to create decentralized benevolent Artificial General Intelligence (AGI). The AI decentralization will help people, coding, data, and processing.Also Read: Cathie Wood Ark Offloads $31M Coinbase Shares Post-Earnings As Price Hit 2-Yr High OpenAI’s introduction of the Sora has renewed focus to artificial intelligence and AI tokens are currently rising, with LPT and AGIX leading the rally.As per Coinglass liquidation data, Sam Altman’s Worldcoin (WLD) saw $3.30 million liquidated, while Livepeer (LPT) and SingularityNet (AGIX) recorded $2.77 million and $800k liquidated in the last 24 hours.LPT price pares some gains after soaring over 60% in the past 24 hours, with the price currently trading at $12.23. The 24-hour low and high are $7.98 and $13.62, respectively. Furthermore, trading volume increased by more than 1250% in the last 24 hours, indicating a massive interest among traders. The descending channel breakout in LPT caused a massive rally in the last 24 hours, providing traders with enough confidence for heavy buying.Meanwhile, AGIX price also rising due to the breakout from cup-and-handle pattern. The price is currently trading at $0.381 after paring most gains in the last 24 hours soaring. The 24-hour low and high are $0.316 and $0.429, respectively. Furthermore, trading volume increased by 350%.Also Read: BlackRock Now Holds $6 Billion BTC As Bitcoin ETF Notes $477 Mln Net Inflow Varinder Singh Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as "Best Crypto Media Company 2024" for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.