At least 10 altcoins, including LCX, ILV, and TOKE, made new all-time highs along with ETH on Nov. 3.
It’s common for altcoins to experience gains when Bitcoin (BTC) price consolidates. They also tend to move in tandem with BTC price during breakouts. Multiple altcoins went on parabolic on Nov. 3 at the same time that Bitcoin (BTC) rose to $64,000 and Ether (ETH) reached a new all-time high above $4,500. Messari data shows that 31 tokens have reached new record highs overnight and that the total cryptocurrency market capitalization increased from $2.619 trillion to $2.732 trillion.
Let’s take a closer look at the motivating factors behind the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).
LCX benefits from new exchange listings
LCX is the native token of the Liechtenstein Cryptoassets Exchange, which was established in 2018. Currently, the exchange is in possession of at least eight cryptocurrency-related registrations by the Financial Market Authority Liechtenstein and this allows the platform to legally offer exchange services and security token offerings (STO).
Data from CoinGecko shows that since hitting a low of $0.125 on Oct. 17, the price of LCX has rallied 250% to a daily high at $0.44 on Nov. 2 as its 24-hour trading volume spiked 257% to $18.3 million.
The sudden spike in price and trading volume comes a day after LCX token was listed on Coinbase Pro and the Singapore-based Bitrue exchange.
Illuvium gameplay preview send ILV price higher
Illuvium is an open-world fantasy battle game that is built on the Ethereum newtork and has the goal of becoming the first AAA-rated blockchain-based game that incorporates aspects of decentralized finance (DeFi) and nonfungible tokens (NFTs).
Data from TradingView shows that after reaching a low of $452.9 on Sept. 29, the price of ILV has surged 171% to establish a new record high at $1,231 on Nov. 2 as its 24-hour trading volume jumped 122% to $105 million.
The building momentum for ILV comes following the release of raw footage depicting the gameplay of the platform. This gave interested gamers their first taste of the Illuvium ecosystem.
Tokemak incorporates ‘Token Reactors’
Tokemak is a decentralized liquidity and market-making protocol that supports an “efficient and sustainable liquidity” across the DeFi ecosystem.
Data from CoinGecko shows that since trading at a low of $29.98 on Sept. 21, the price of TOKE has increased 145.65% to reach a new record high at $73.27 on Nov. 2 as its 24-hour trading activity remained relatively stable near $8 million.
The steady climb in the price of TOKE comes as the total value locked on the Tokemak platform reached a new all-time high of $767.9 million, according to data from Defi Llama. The recent rollout of its 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 cap now stands at $2.732 trillion and Bitcoin’s dominance rate is 43.8%.
Originally published HERE
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