Throughout bull markets, altcoins are likely to accrue positive aspects when Bitcoin worth consolidates and at they run in tandem with BTC worth throughout breakouts. This dynamic seems to be at play at the moment 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 up to now 24-hours and the whole cryptocurrency market cap elevated from $2.619 trillion to $2.732 trillion in a single day.
Let’s take a more in-depth take a look at the motivating components behind the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).
LCX advantages from new alternate listings
LCX is the native token of the Liechtenstein Cryptoassets Trade which was established in 2018. Presently, the alternate is in possession of at the least 8 cryptocurrency-related registrations by the Monetary Market Authority Liechtenstein and this permits the platform to legally provide alternate providers and safety token choices (STO).
Information from CoinGecko exhibits that since hitting a low of $0.125 on Oct. 17, the value 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.
The sudden spike in worth and buying and selling quantity comes a day after LCX token was listed on Coinbase Professional and the Singapore-based Bitrue alternate.
Illuvium gameplay preview ship ILV worth larger
Illuvium is an open-world fantasy battle recreation that’s constructed on the Ethereum newtork and has the objective of changing into the primary AAA-rated blockchain-based recreation that comes with facets of decentralized finance (DeFi) and nonfungible tokens (NFT).
Information from TradingView exhibits that after reaching a low of $452.9 on Sept. 29, the value of ILV has surged 171% to ascertain a brand new file excessive at $1,231 on Nov. 2 as its 24-hour buying and selling quantity jumped 122% to $105 million.
The constructing momentum for ILV comes following the discharge of uncooked footage depicting the gameplay of the platform. This gave players their first style of the Illuvium ecosystem.
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 value of TOKE has elevated 145.65% to achieve a brand new file excessive at $73.27 on Nov. 2 as its 24-hour buying and selling exercise remained comparatively secure close to $8 million.
The regular climb within the worth of TOKE comes as the whole worth locked on the Tokemak platform reached a brand new all-time excessive of $767.9 million in keeping with data from Defi Llama. The latest rollout of “Token Reactors” on the Tokemak dashboard enable customers to stake tokens from different protocols akin 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%.
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