During bull markets, altcoins tend to accumulate gains when the price of Bitcoin consolidates and move along with the price of BTC during breakouts. This dynamic appears to be in play today as several altcoins went parabolic at the same time as BTC surged to $ 64,000 and Ether (ETH) hit a new all-time high above $ 4,500.
According to data from Messari, 31 tokens have set new all-time highs in the last 24 hourss and the total cryptocurrency market capitalization increased from USD 2.619 trillion to USD 2.732 trillion overnight.
Let’s take a closer look at the motivating factors behind the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).
LCX benefits from its entry to various exchanges
LCX is the native token of the Liechtenstein Cryptoassets Exchange that was established in 2018. Currently, the exchange is in possession of at least 8 records related to cryptocurrencies by the Liechtenstein Financial Market Authority and this allows the platform to legally offer exchange services and security token offerings (STO).
CoinGecko data shows that Since hitting a low of $ 0.125 on Oct 17, LCX price has risen 250% to a daily high of $ 0.44 on Nov 2, as its 24-hour trading volume soared 257% to $ 18.3 million.
The sudden increase in price and trading volume occurs one day after the LCX token was listed on Coinbase Pro and the Singapore-based exchange Bitrue.
Illuvium game preview raises SIL price
Illuvium is an open world fantasy battle game that is based on the Ethereum network and aims to become the first AAA blockchain game to incorporate aspects of decentralized finance (DeFi) and non-fungible tokens (NFT).
TradingView data shows that After hitting a low of USD 452.9 on September 29, the SIL price has risen 171% to set a new record at USD 1,231 on November 2, just as its hours trading volume increased 122% to $ 105 million.
SIL boost occurs after the publication of raw images that show the gameplay of the title. This provided interested players with a first taste of the Illuvium ecosystem.
Tokemak incorporates the “Token Reactors”
Tokemak is a decentralized market making and liquidity protocol that supports “efficient and sustainable liquidity” across the DeFi ecosystem.
CoinGecko data shows that, Since trading at a low of USD 29.98 on September 21, TOKE’s price has risen 145.65% to reach a new all-time high of USD 73.27 on November 2, as its 24-hour trading activity remained relatively stable near USD 8 million.
The constant rise in the price of TOKE comes as the total value locked on the Tokemak platform reached a new all-time high of $ 767.9 million, according to data from Defi Llama. The recent launch of “Token Reactors” in the Tokemak control panel allows users to block tokens from other protocols such as Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.
The global cryptocurrency market capitalization currently stands at $ 2.732 trillion and Bitcoin’s dominance index is 43.8%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Each investment and trade movement involves a risk, you must carry out your own research when making a decision.
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