Illuvium, LCX and Tokemak hit new highs as Bitcoin dominance lingers
During bull markets, altcoins generally tend to accrue beneficial properties when Bitcoin worth consolidates and at they run in tandem with BTC worth all through breakouts. This dynamic seems to be at play lately as a result of more than one altcoins went parabolic on the identical time that BTC made a run at $64,000 and Ether (ETH) hit a brand new all-time prime above $4,500.
According to information from Messari, 31 tokens have established new record-highs up to now 24-hours and the overall cryptocurrency marketplace cap higher from $2.619 trillion to $2.732 trillion in a single day.
Top 13 tokens to just lately identify a brand new all-time prime. Source: Messari
Let’s take a more in-depth have a look at the motivating elements at the back of the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).
LCX advantages from new trade listings
LCX is the local token of the Liechtenstein Cryptoassets Exchange which used to be established in 2018. Currently, the trade is in ownership of no less than 8 cryptocurrency-related registrations by means of the Financial Market Authority Liechtenstein and this permits the platform to legally be offering trade products and services and safety token choices (STO).
Data from CoinGecko displays that since hitting a low of $0.125 on Oct. 17, the cost of LCX has rallied 250% to a day-to-day prime 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. Source: CoinGecko
The surprising spike in worth and buying and selling quantity comes an afternoon after LCX token used to be indexed on Coinbase Pro and the Singapore-based Bitrue trade.
Illuvium gameplay preview ship ILV worth upper
Illuvium is an open-world fable fight sport this is constructed at the Ethereum newtork and has the purpose of turning into the primary AAA-rated Blockchain-based sport that accommodates facets of decentralized finance (DeFi) and nonfungible tokens (NFT).
Data from TradingView displays that once attaining a low of $452.9 on Sept. 29, the cost of ILV has surged 171% to determine a brand new listing prime at $1,231 on Nov. 2 as its 24-hour buying and selling quantity jumped 122% to $105 million.
ILV/USD 4-hour chart. Source: TradingView
The construction momentum for ILV comes following the discharge of uncooked pictures depicting the gameplay of the platform. This gave avid gamers their first style of the Illuvium ecosystem.
Related: Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook rebrands to Meta
Tokemak accommodates ‘Token Reactors’
Tokemak is a decentralized liquidity and market-making protocol that helps an “environment friendly and sustainable liquidity” around the DeFi ecosystem.
Data from CoinGecko displays that since buying and selling at a low of $29.98 on Sept. 21, the cost of TOKE has higher 145.65% to succeed in a brand new listing prime at $73.27 on Nov. 2 as its 24-hour buying and selling job remained reasonably strong close to $8 million.
TOKE/USD 2-hour chart. Source: CoinGecko
The secure climb in the cost of TOKE comes as the overall price locked at the Tokemak platform reached a brand new all-time prime of $767.9 million consistent with information from Defi Llama. The fresh rollout of “Token Reactors” at the Tokemak dashboard permit customers to stake tokens from different protocols comparable to Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.
The general cryptocurrency marketplace cap now stands at $2.732 trillion and Bitcoin’s dominance price is 43.8%.
The perspectives and critiques expressed listed below are only the ones of the creator and don’t essentially replicate the perspectives of Cointelegraph.com. Every funding and buying and selling transfer comes to chance, you must behavior your personal analysis when you make a decision.
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