During a bull market, altcoins tend to accumulate profits when Bitcoin price consolidates and when they run parallel to BTC price during breakouts. This momentum seems to be playing out today as multiple altcoins went parabolic at the same time causing BTC to rally at $64,000 and Ether to hit an all-time high of $4,638.
According to data from Messari, 31 tokens have set new record highs in the past 24 hours, and the total crypto market capitalization increased from $2.619 trillion to $2.732 trillion overnight.
Let’s take a closer look at the driving factors behind the rallies of LCX (LCX), Illuvium (ILV), and Tokemak (TOKE).
Listing on the exchange promotes LCX
LCX is the native token of the Liechtenstein exchange founded in 2018. Currently, the exchange owns at least 8 crypto-related registration licenses issued by the Liechtenstein Financial Market Authority. This allows the platform to legally provide exchange and STO services.
Since hitting a low of $0.125 on October 17, the price of LCX has surged 250% to a daily high of $0.44 on November 2 as its 24-hour trading volume increased 257%. to $18.3 million.
LXC/USD 2-hour chart. Source: CoinGecko
The spike in price and trading volume comes a day after LCX was listed on Coinbase Pro and Singapore-based Bitrue.
Preview gameplay Illuvium pushes ILV prices higher
Illuvium is an open-world fantasy fighting game built on the Ethereum network and aims to be the first AAA-rated blockchain game to combine aspects of DeFi and NFT.
Data from TradingView shows that after hitting a low of $452.9 on September 29, the ILV price rallied 171% to set a new record high at $1,231 on Nov. Its 24-hour service grew 122% to $105 million.
ILV/USD 4-hour chart. Source: TradingView
ILV’s momentum comes after the release of raw footage depicting the platform’s gameplay, giving interested gamers their first experience of the Illuvium ecosystem.
Tokenak incorporates ‘Token Reactor’
Tokemak is a decentralized liquidity and market-making protocol that supports “effective and sustainable liquidity” across the DeFi ecosystem.
Since trading at a low of $29.98 on September 21, the TOKE price has increased by 145.65% to a new record high of $73.27 on November 2, with trading activity in 24 hours remains relatively stable near $8 million.
TOKE/USD 2-hour chart. Source: CoinGecko
The TOKE price rose steadily as the total value locked on the Tokemak platform reached an all-time high of $767.9 million according to data from Defi Llama. The recent implementation of “Token Reactor” on the Tokemak dashboard allows users to stake tokens from other protocols such as Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.
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According to Cointelegraph
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