During bull markets, altcoins tend to rack up gains when the price of Bitcoin consolidates and runs in tandem with the price of BTC during breakouts. This dynamic seems to be in play today because several altcoins went parabolic at the same time as BTC raced to $ 64,000 and Ether (ETH) reached a new all-time high above $ 4,500.
According to Messari data, 31 tokens have set new all-time highs in the past 24 hours and the total cryptocurrency market capitalization increased from $ 2.619 trillion to $ 2.732 trillion overnight.
Let's take a closer look at the motivating factors behind the rallies at LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).
LCX benefits from new exchange listings
LCX is the native token of the Liechtenstein Cryptoassets Exchange that was established in 2018. Currently, the exchange is in possession of at least 8 cryptocurrency-related records by the Liechtenstein Financial Market Authority and this allows the platform to legally offer services of exchange and security token. offerings (STO).
Data of CoinGecko shows that since hitting a low of $ 0.125 on Oct 17, LCX price has risen 250% to a daily high of $ 0.44 on Nov 2 as its 24-hour trading volume skyrocketed a 257% to $ 18.3 million.
The sudden spike in price and trading volume comes a day after the LCX token was listed on Coinbase Pro and the Singapore-based exchange Bitrue.
Illuvium game preview raises SIL price
Illuvium is an open-world fantasy battle game that is based on the Ethereum network and aims to become the first AAA-rated blockchain-based game to incorporate aspects of decentralized finance (DeFi) and non-fungible tokens (NFT). .
Data of TradingView shows that after hitting a low of $ 452.9 on September 29, the SIL price has risen 171% to set a new record at $ 1,231 on November 2, as its 24-hour trading volume increased 122% to $ 105 million.
SIL's build push comes after the release of raw images depicting the platform's playability. This gave interested players their first taste of the Illuvium ecosystem.
Tokemak incorporates 'Token Reactors'
Tokemak is a decentralized market-making and liquidity protocol that supports "efficient and sustainable liquidity" across the DeFi ecosystem.
Data of CoinGecko shows that since trading at a low of $ 29.98 on September 21, TOKE's price has risen 145.65% to hit a new record at $ 73.27 on November 2, as its trading activity The 24-hour period was relatively stable near $ 8 million.
The steady rise in TOKE price comes as the total value locked on the Tokemak platform hit a new all-time high of $ 767.9 million according to data by Defi Llama. The recent launch of "Token Reactors" on the Tokemak dashboard allows users to stake tokens from other protocols such as Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.
The overall cryptocurrency market capitalization is now $ 2.732 trillion and Bitcoin's dominance rate is 43.8%.
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