In bull markets, altcoins tend to accumulate gains as the Bitcoin price consolidates and when they run parallel to the BTC price during breakouts. That dynamic seems to be playing out today as several altcoins went parabolic at the same time, causing BTC to surge at $ 64,000 and Ether to hit an all-time high of $ 4,638.

According to data from Messari, 31 tokens have hit new record highs in the past 24 hours and the total crypto market capitalization rose from $ 2.619 trillion to $ 2.732 trillion overnight.

Source: Messari

Let’s take a closer look at the driving factors behind the rallies of LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).

The listing on the stock exchange promotes LCX

LCX is the native token of the Liechtenstein stock exchange founded in 2018. The exchange currently has at least 8 crypto-related registration licenses issued by the Liechtenstein Financial Market Authority. This allows the platform to legally offer Exchange and STO services.

Since hitting a low of $ 0.125 on October 17, the price of LCX has risen 250% to a daily high of $ 0.44 on November 2nd, while its 24-hour trading volume has increased 257% to $ 18.3 million has risen.

LXC / USD 2 hour chart. Source: CoinGecko

The surge in price and trading volume comes a day after LCX was listed on Coinbase Pro and Bitrue based in Singapore.

preview Style of play Illuvium drives ILV prices up

Illuvium is an open world fantasy fighting game based on the Ethereum network that aims to be the first AAA-rated blockchain game to combine aspects of DeFi and NFT.

Data from TradingView shows that after hitting a low of $ 452.9 on September 29, ILV price rose 171% to hit a new record high of $ 1,231 on November. 24-hour service grew 122% to $ 105 million.

ILV / USD 4-hour chart. Source: TradingView

ILV’s momentum comes after the release of raw material that depicts the platform’s gameplay and gives interested players their first experience of the Illuvium ecosystem.

Tokenak integrates ‘Token Reactor’

Tokemak is a decentralized liquidity and market-making protocol that supports “effective and sustainable liquidity” across the DeFi ecosystem.

Since trading at a low of $ 29.98 on September 21, TOKE price has risen 145.65% to a new record high of $ 73.27 on November 2, with trading activity being relatively stable in the 24-hour period remains close to $ 8 million.

TOKE / USD 2-hour chart. Source: CoinGecko

The token price rose steadily as the total value locked on the Tokemak platform hit an all-time high of $ 767.9 million, according to Defi Llama. The recent implementation of the “Tokemak Reactor” in the Tokemak Dashboard allows users to use tokens from other protocols such as Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page