Illuvium, LCX and Tokemak hit new highs as Bitcoin dominance lingers

Throughout bull markets, altcoins are inclined to accrue features when Bitcoin value consolidates and at they run in tandem with BTC value throughout breakouts. This dynamic seems to be at play right now as a result of a number of altcoins went parabolic on the identical time that BTC made a run at $64,000 and Ether (ETH) hit a brand new all-time excessive above $4,500.

Based on information from Messari, 31 tokens have established new record-highs previously 24-hours and the overall cryptocurrency market cap elevated from $2.619 trillion to $2.732 trillion in a single day.

Prime 13 tokens to just lately set up a brand new all-time excessive. Supply: Messari

Let’s take a better take a look at the motivating elements behind the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).

LCX advantages from new change listings

LCX is the native token of the Liechtenstein Cryptoassets Change which was established in 2018. At present, the change is in possession of a minimum of 8 cryptocurrency-related registrations by the Monetary Market Authority Liechtenstein and this permits the platform to legally supply change companies and safety token choices (STO).

Information from CoinGecko exhibits that since hitting a low of $0.125 on Oct. 17, the worth of LCX has rallied 250% to a every day excessive at $0.44 on Nov. 2 as its 24-hour buying and selling quantity spiked 257% to $18.3 million.

LXC/USD 2-hour chart. Supply: CoinGecko

The sudden spike in value and buying and selling quantity comes a day after LCX token was listed on Coinbase Professional and the Singapore-based Bitrue change.

Illuvium gameplay preview ship ILV value increased

Illuvium is an open-world fantasy battle sport that’s constructed on the Ethereum newtork and has the objective of turning into the primary AAA-rated blockchain-based sport that comes with elements of decentralized finance (DeFi) and nonfungible tokens (NFT).

Information from TradingView exhibits that after reaching a low of $452.9 on Sept. 29, the worth of ILV has surged 171% to determine a brand new document excessive at $1,231 on Nov. 2 as its 24-hour buying and selling quantity jumped 122% to $105 million.

ILV/USD 4-hour chart. Supply: TradingView

The constructing momentum for ILV comes following the discharge of uncooked footage depicting the gameplay of the platform. This gave avid gamers their first style of the Illuvium ecosystem.

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Tokemak incorporates ‘Token Reactors’

Tokemak is a decentralized liquidity and market-making protocol that helps an “environment friendly and sustainable liquidity” throughout the DeFi ecosystem.

Information from CoinGecko exhibits that since buying and selling at a low of $29.98 on Sept. 21, the worth of TOKE has elevated 145.65% to achieve a brand new document excessive at $73.27 on Nov. 2 as its 24-hour buying and selling exercise remained comparatively steady close to $8 million.

TOKE/USD 2-hour chart. Supply: CoinGecko

The regular climb within the value of TOKE comes as the overall worth locked on the Tokemak platform reached a brand new all-time excessive of $767.9 million in line with information from Defi Llama. The latest rollout of “Token Reactors” on the Tokemak dashboard enable customers to stake tokens from different protocols comparable to Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.

The general cryptocurrency market cap now stands at $2.732 trillion and Bitcoin’s dominance charge is 43.8%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Each funding and buying and selling transfer entails danger, it is best to conduct your personal analysis when making a call.