Throughout bull markets, altcoins are inclined to accrue features when Bitcoin value consolidates and at they run in tandem with BTC value throughout breakouts. This dynamic seems to be at play at the moment as a result of a number of altcoins went parabolic on the similar time that BTC made a run at $64,000 and Ether (ETH) hit a brand new all-time excessive above $4,500.
In line with knowledge from Messari, 31 tokens have established new record-highs previously 24-hours and the full cryptocurrency market cap elevated from $2.619 trillion to $2.732 trillion in a single day.
Let’s take a more in-depth have a look at the motivating components behind the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).
LCX advantages from new trade listings
LCX is the native token of the Liechtenstein Cryptoassets Alternate which was established in 2018. Presently, the trade is in possession of no less than 8 cryptocurrency-related registrations by the Monetary Market Authority Liechtenstein and this permits the platform to legally provide trade 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 value and buying and selling quantity comes a day after LCX token was listed on Coinbase Professional and the Singapore-based Bitrue trade.
Illuvium gameplay preview ship ILV value greater
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 elements 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 ascertain 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 Fb 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 succeed in 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 value of TOKE comes as the full worth locked on the Tokemak platform reached a brand new all-time excessive of $767.9 million in accordance with knowledge from Defi Llama. The current rollout of “Token Reactors” on the Tokemak dashboard enable customers to stake tokens from different protocols akin 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 fee is 43.8%.
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