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

189
SHARES
1.5k
VIEWS


Throughout bull markets, altcoins are inclined to accrue beneficial properties 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.

In accordance with information from Messari, 31 tokens have established new record-highs up to now 24-hours and the full cryptocurrency market cap elevated from $2.619 trillion to $2.732 trillion in a single day.

Related articles

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

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

LCX advantages from new trade listings

LCX is the native token of the Liechtenstein Cryptoassets Change which was established in 2018. At the moment, the trade is in possession of at the very least 8 cryptocurrency-related registrations by the Monetary Market Authority Liechtenstein and this permits the platform to legally supply trade providers 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 each 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 trade.

Illuvium gameplay preview ship ILV value greater

Illuvium is an open-world fantasy battle recreation that’s constructed on the Ethereum newtork and has the purpose of turning into the primary AAA-rated blockchain-based recreation that includes 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 file 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.

Associated: Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook rebrands to Meta

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 succeed in a brand new file 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 full worth locked on the Tokemak platform reached a brand new all-time excessive of $767.9 million in line with data from Defi Llama. The current rollout of “Token Reactors” on the Tokemak dashboard permit customers to stake tokens from different protocols corresponding 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 here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it is best to conduct your personal analysis when making a choice.