Throughout bull markets, altcoins are likely to accrue positive aspects when Bitcoin worth consolidates and at they run in tandem with BTC worth throughout breakouts. This dynamic seems to be at play at this time as a result of a number of altcoins went parabolic on the identical time that BTC made a run at $64,000 and Ether (ETH) hit a brand new all-time excessive above $4,500.
In response to knowledge from Messari, 31 tokens have established new record-highs prior to now 24-hours and the whole cryptocurrency market cap elevated from $2.619 trillion to $2.732 trillion in a single day.
Let’s take a better have a look at the motivating components behind the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).
LCX advantages from new change listings
LCX is the native token of the Liechtenstein Cryptoassets Alternate which was established in 2018. At the moment, the change is in possession of at the very least 8 cryptocurrency-related registrations by the Monetary Market Authority Liechtenstein and this enables the platform to legally supply change companies and safety token choices (STO).
Knowledge from CoinGecko exhibits that since hitting a low of $0.125 on Oct. 17, the worth of LCX has rallied 250% to a day by day excessive at $0.44 on Nov. 2 as its 24-hour buying and selling quantity spiked 257% to $18.3 million.
The sudden spike in worth and buying and selling quantity comes a day after LCX token was listed on Coinbase Professional and the Singapore-based Bitrue change.
Illuvium gameplay preview ship ILV worth increased
Illuvium is an open-world fantasy battle recreation that’s constructed on the Ethereum newtork and has the aim of turning into the primary AAA-rated blockchain-based recreation that comes with features of decentralized finance (DeFi) and nonfungible tokens (NFT).
Knowledge from TradingView exhibits that after reaching a low of $452.9 on Sept. 29, the worth of ILV has surged 171% to determine a brand new file excessive at $1,231 on Nov. 2 as its 24-hour buying and selling quantity jumped 122% to $105 million.
The constructing momentum for ILV comes following the discharge of uncooked footage depicting the gameplay of the platform. This gave avid gamers their first style of the Illuvium ecosystem.
Associated: Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook rebrands to Meta
Tokemak incorporates ‘Token Reactors’
Tokemak is a decentralized liquidity and market-making protocol that helps an “environment friendly and sustainable liquidity” throughout the DeFi ecosystem.
Knowledge from CoinGecko exhibits that since buying and selling at a low of $29.98 on Sept. 21, the worth of TOKE has elevated 145.65% to achieve a brand new file excessive at $73.27 on Nov. 2 as its 24-hour buying and selling exercise remained comparatively secure close to $8 million.
The regular climb within the worth of TOKE comes as the whole worth locked on the Tokemak platform reached a brand new all-time excessive of $767.9 million in response to data from Defi Llama. The current rollout of “Token Reactors” on the Tokemak dashboard permit customers to stake tokens from different protocols corresponding to Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.
The general cryptocurrency market cap now stands at $2.732 trillion and Bitcoin’s dominance charge is 43.8%.
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