Altcoins can gain gains during bull markets when Bitcoin prices consolidate and they also run in tandem with BTC prices during breakouts. Multiple altcoins experienced a parabolic move at the same moment that BTC hit $64,000 and Ether (ETH), reached a new record high of $4,500.
Messari data shows that 31 tokens set new records in the last 24 hours and that the total cryptocurrency market capital increased overnight from $2.619 trillion down to $2.732 trillion.
The top 13 tokens have reached a new record. Source: Messari
Let’s look closer at the motivations behind rallies in LCX, Illuvium and Tokemak.
New exchange listings offer LCX many benefits
LCX is Liechtenstein Cryptoassets Exchange’s native token. It was founded in 2018. Currently, the exchange is in possession of at least 8 cryptocurrency-related registrations by the Financial Market Authority Liechtenstein and this allows the platform to legally offer exchange services and security token offerings (STO).
According to CoinGecko data, the price of LCX rose 250% since Oct. 17 when it hit a low at $0.125. It reached a high of $0.44 on Nov. 2. The 24-hour trading volume jumped 257% to $18.3million on Nov. 2.
LXC/USD 2-hour chart. Source: CoinGecko
This sudden increase in trading volume and price comes just days after LCX token was listed at Coinbase Pro and the Singapore-based Bitrue Exchange.
Preview of Illuvium gameplay sends ILV price higher
Illuvium, an open-world fantasy game, is built on Ethereum newtork. It aims to be the first AAA-rated blockchain game that integrates elements of decentralized finance and nonfungible tokens.
TradingView data shows that ILV prices have risen 171% since reaching a low point of $452.9 in Sept. 29. The ILV price has now reached $1,231 on November 2. This record was established by its 24-hour trading volume which jumped 122% from $105 million to $11,231 on Nov. 2.
Chart for ILV/USD 4 hours Source: TradingView
ILV’s momentum is growing after the release of raw footage showing the gameplay. This allowed interested gamers to get a taste of Illuvium’s ecosystem.
Related: Decentraland, Axie Infinity and Metaverse rally in cryptos after Facebook rebrands as Meta
Tokemak incorporates ‘Token Reactors’
Tokemak, a protocol for market-making and liquidity decentralization that supports “efficient and sustainable liquidity” in the DeFi ecosystem, is called Tokemak.
According to CoinGecko data, the TOKE price has increased by 145.65% since Sept. 21st when it was trading at $29.98. It reached a record high of $73.27 on Nov. 2, as its 24-hour trading activity remained stable at $8 million.
Chart for TOKE/USD 2 hours. Source: CoinGecko
According to data from Defi Lama, the Tokemak platform’s total value reached $767.9 Million. This is a steady rise in TOKE’s price. Tokemak’s recent rollout of token reactors allows users to stake tokens from other protocols like Alchemix (ALCXX) or Olympus(OHM) in order to earn TOKE rewards.
The total cryptocurrency market is now worth $2.732 trillion, and Bitcoin’s dominance rate at 43.8%.
com. You should do your research before making any investment or trading decision.
Eileen Wilson –Technology and Energy
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