What to know:
Livepeer's native token, LPT, surged 150% to a four-month high of $14.20 following its listing on the Korean exchange Upbit.
The token's advance defied a broader crypto market downturn, with bitcoin falling 2% and the CoinDesk 20 Index dropping 3.5%.
Grayscale's inclusion of Livepeer in its new Artificial Intelligence Crypto Sector and a community survey by Livepeer Foundation may have contributed to the token's momentum, one crypto analyst noted.
The native token of Livepeer, a decentralized artificial intelligence video processing protocol, soared on Friday to its strongest price in four months on exchange listing and other catalyst.
The token advanced 150% over the past 24 hours, hitting a session high at $14.20, CoinDesk data shows. The surge defied a slump in the broader crypto market, with bitcoin BT$86,992.85 sliding 2% below $106,000 and the CoinDesk 20 Index declining 3.5% during the same period. Most artificial intelligence-linked tokens were down 5%-10%.
The price action happened as popular Korean exchange Upbit introduced trading with the token against KRW and Tether's USDT on its platform earlier on Friday.
Joel Kruger, a crypto market strategist, highlighted that asset manager Grayscale introduced earlier this week its Artificial Intelligence Crypto Sector, with Livepeer being included among the 20 cryptocurrencies.
Ecosystem developer Livepeer Foundation's advisory boards also kicked into gear, starting a community survey about the platform's strategic direction, he pointed out.
