Illuvium, LCX and Tokemak hit new highs as Bitcoin dominance lingers

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Dur­ing bull mar­kets, alt­coins tend to accrue gains when Bit­coin price con­sol­i­dates and at they run in tan­dem with BTC price dur­ing break­outs. This dynam­ic appears to be at play today because mul­ti­ple alt­coins went par­a­bol­ic at the same time that BTC made a run at $64,000 and Ether (ETH) hit a new all-time high above $4,500.

Accord­ing to data from Mes­sari, 31 tokens have estab­lished new record-highs in the past 24-hours and the total cryp­tocur­ren­cy mar­ket cap increased from $2.619 tril­lion to $2.732 tril­lion overnight.

Top 13 tokens to recent­ly estab­lish a new all-time high. Source: Messari

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 8 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. 

LXC/USD 2‑hour chart. Source: CoinGecko

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 (NFT).

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. 

ILV/USD 4‑hour chart. Source: TradingView

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. 

Relat­ed: 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 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. 

TOKE/USD 2‑hour chart. Source: CoinGecko

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 “Token Reac­tors” on the Toke­mak dash­board allow 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%.

The views and opin­ions expressed here are sole­ly those of the author and do not nec­es­sar­i­ly reflect the views of Cointelegraph.com. Every invest­ment and trad­ing move involves risk, you should con­duct your own research when mak­ing a decision. 

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