Illuvium, LCX and Tokemak hit new highs while Bitcoin’s dominance continues

In bull markets, altcoins tend to accumulate gains as Bitcoin’s price consolidates and moves with BTC’s price during breakouts. That dynamic seems to be at play today as several altcoins went parabolic at the same time as BTC rose to $ 64,000 and Ether (ETH) hit a new all-time high of over $ 4,500.

According to Messari, 31 tokens have hit new all-time highs in the past 24 hourss and the total capitalization of the cryptocurrency market rose from $ 2.619 trillion to $ 2.732 trillion overnight.

Top 13 tokens that recently hit a new all-time high. Source: Messari

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

LCX benefits from its access to various exchanges

Illuvium, LCX and Tokemak hit new highs while Bitcoin’s dominance continues
Illuvium, LCX and Tokemak hit new highs while Bitcoin’s dominance continues

LCX is the native token of the Liechtenstein Cryptoassets Exchange, which was founded in 2018. The exchange currently has at least 8 cryptocurrency-related registrations from the Liechtenstein Financial Market Authority and this enables the platform to legally offer exchange services and Security Token Offerings (STO).

CoinGecko data shows that Since hitting a low of $ 0.125 on October 17th, LCX price has risen 250% to a daily high of $ 0.44 on November 2nd. 24-hour trading volume rose 257% to $ 18.3 million.

2-hour chart of the LXC / USD pair. Source: CoinGecko

The sudden increase in price and trading volume occurs one day after the LCX token was listed on Coinbase Pro and the Singapore-based Bitrue exchange.

Illuvium Game Preview Increases SIL Price

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

TradingView data shows that After hitting a low of $ 452.9 on September 29, the SIL price rose 171% to hit a new record on November 2 at $ 1,231. just as their hourly trading volume increased 122% to $ 105 million.

4-hour chart of the ILV / USD pair. Source: TradingView

SIL boost occurs after the release of raw images showing the gameplay of the title. This gave interested players a first taste of the Illuvium ecosystem.

Tokemak integrates the “Token Reactors”

Tokemak is a decentralized market making and liquidity 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, TOKE has risen 145.65% to hit a new all-time high of $ 73.27 on November 2nd. as 24 hour trading activity remained relatively stable near $ 8 million.

2-hour chart of the TOKE / USD pair. Source: CoinGecko

TOKE’s steady rise in price is due to the total value locked on the Tokemak platform reaching a new all-time high of $ 767.9 million, according to Defi Llama. The recent introduction of “Token Reactors” in the Tokemak Control Panel allows users to block tokens from other protocols such as: Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.

The global market capitalization of the cryptocurrency is currently at $ 2.732 trillion and the dominance index of Bitcoin is 43.8%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trade move involves risk, you will need to do your own research when making a decision.

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