Altcoins tend to gain during bull markets when Bitcoin (BTC) prices consolidate and run in tandem with BTC prices during breakouts. Multiple cryptocurrencies went parabolic on Nov. 3 at the same time as Bitcoin (BTC) touched $64,000, and Ether (ETH) achieved a new all-time high above $4,500, indicating that the same dynamic was at work.
According to Messari data, 31 tokens have set new all-time highs in the last 24 hours, and the entire cryptocurrency market cap has risen from $2.619 trillion to $2.732 trillion.
Let’s examine the driving forces behind the rallies in LCX (LCX), Illuvium (ILV), and Tokemak (TOKE).
LCX Benefitted From New Exchange Listings
The Liechtenstein Cryptoassets Exchange, which was founded in 2018, has its own native coin, LCX. The exchange now has at least eight cryptocurrency-related registrations from the Financial Market Authority of Liechtenstein, allowing it to offer exchange services and security token sales legally (STO).
According to CoinGecko, after hitting a low of $0.125 on Oct. 17, the price of LCX has risen 250 percent to a daily high of $0.44 on Nov. 2, with a 257 percent increase in 24-hour trading volume to $18.3 million.
The price and trading volume skyrocketed a day after the LCX token was published on Coinbase Pro and the Singapore-based Bitrue exchange.
Illuvium Gameplay Sends Its Price Higher
Illuvium is an open-world fantasy battle game based on the Ethereum network that aims to be the first AAA-rated blockchain-based game to include components of decentralized finance (DeFi) and nonfungible currencies (NFTs).
According to TradingView data, since hitting a low of $452.9 on Sept. 29, the price of ILV has risen 171 percent to a new high of $1,231 on Nov. 2, with a 122 percent increase in 24-hour trading volume to $105 million.
Following the publication of raw footage showcasing the platform’s gameplay, ILV is gaining traction. This was the first time interested gamers got a taste of the Illuvium ecosystem.
Tokemak Introduces Token Reactors
Tokemak is a decentralized liquidity and market-making protocol that helps the DeFi ecosystem achieve “efficient and sustainable liquidity.”
According to CoinGecko, the price of TOKE has grown 145.65 percent since trading at a low of $29.98 on Sept. 21 to hit a new record high of $73.27 on Nov. 2 as its 24-hour trading activity stayed reasonably consistent near $8 million.
According to data from Defi Llama, the total value locked on the Tokemak platform has hit a new all-time high of $767.9 million, which is a new all-time high. Token reactors, which were recently added to the Tokemak interface, allow users to stake tokens from other protocols like Alchemix (ALCX) and Olympus (OHM) in order to gain TOKE rewards.
The total cryptocurrency market capitalization is currently $2.732 trillion, with Bitcoin commanding 43.8 percent of the market.
