Illuvium, LCX, Tokemak Reach New Highs As Bitcoin Dominance Persists

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During bull markets, altcoins tend to accumulate gains when the price of Bitcoin consolidates and they work in tandem with the BTC price during breakouts. This dynamic appears to be in play today as several altcoins went parabolic as BTC raced 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 records in the past 24 hours and the total market cap of the cryptocurrency has grown from $ 2.619 trillion to $ 2.732 trillion overnight.

Top 13 tokens to recently set a new all-time high. Source: Messari

Let’s take a closer look at the motives behind the LCX (LCX), Illuvium (ILV) and Tokemak (TOKE) rallies.

LCX benefits from new exchange lists

LCX is the native token of the Liechtenstein Cryptoassets Exchange which was established in 2018. Currently, the exchange is in possession of at least 8 cryptocurrency-related records by the Liechtenstein Financial Markets Authority, which allows the platform to legally offer exchange services and a security token. offerings (STO).

Data from CoinGecko shows that since hitting a low of $ 0.125 on October 17, the price of LCX has climbed 250% to a daily high of $ 0.44 on November 2 as its trading volume on 24 Hours climbed 257% to $ 18.3 million.

LXC / USD 2 hour chart. Source: CoinGecko

The sudden rise in prices and trading volume comes a day after the LCX token was listed on Coinbase Pro and the Singapore-based Bitrue exchange.

Illuvium gameplay preview increases ILV price

Illuvium is an open-world fantasy battle game that is built on the newtork Ethereum and aims to become the first AAA-rated blockchain-based game that incorporates aspects of decentralized finance (DeFi) and non-fungible tokens (NFT ).

Data from TradingView shows that after hitting a low of $ 452.9 on September 29, the ILV price jumped 171% to a new high of $ 1,231 on November 2 as its trading volume on 24 hours jumped 122% to $ 105 million.

4 hour ILV / USD chart. Source: TradingView

ILV’s building momentum comes after the release of raw footage depicting the platform’s gameplay. This gave interested players their first glimpse of the Illuvium ecosystem.

Related: Axie Infinity, Decentraland & ‘Metaverse’ Cryptos Rally After Facebook Rebrands Meta

Tokemak integrates “token reactors”

Tokemak is a decentralized liquidity and market-making protocol that supports “efficient and sustainable liquidity” across the DeFi ecosystem.

CoinGecko data shows that since trading at a low of $ 29.98 on September 21, the price of TOKE has risen 145.65% to a new high of $ 73.27 on November 2 while its 24-hour trading activity has remained relatively stable near $ 8 million. .

TOKE / USD 2 hour chart. Source: CoinGecko

TOKE’s steady rise in price comes as the total value locked in on the Tokemak platform hit a new all-time high of $ 767.9 million according to data from Defi Llama. The recent rollout of “Token Reactors” on the Tokemak dashboard allows users to wager tokens from other protocols such as Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.

The overall cryptocurrency market capitalization now stands at $ 2.732 trillion and Bitcoin’s dominance rate is 43.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.

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