Illuvium, LCX, and Tokemak hit new highs while Bitcoin’s dominance continues

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In bull markets, altcoins tend to make profits when the bitcoin price consolidates and when they break out they run parallel to the BTC price. That dynamic seems to be at play today as several altcoins went parabolic at the same time as BTC spiked to $ 64,000 and Ether (ETH) hit a new all-time high of over $ 4,500.

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

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Top 13 tokens that recently hit a new all-time high. Source: Messari

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

LCX benefits from new listings

LCX is the native token of the Liechtenstein Cryptoassets Exchange, which was founded in 2018. The exchange currently has at least 8 cryptocurrency-related registrations from the Liechtenstein Financial Market Authority and this enables the platform to offer legal exchange services and security token offers (STO).

Data from CoinGecko shows that LCX’s price has risen 250% from its low of $ 0.125 on Oct. 17 to a daily high of $ 0.44 on Nov. 2, while its 24-hour trading volume rose 257% to Dec. 18 . $ 3 million has risen.

LXC / USD 2 hour chart. Source: CoinGecko

The sudden spike in price and trading volume comes a day after the LCX token was listed on Coinbase Pro and the Singapore-based Bitrue exchange.

Illuvium gameplay preview increases ILV price

Illuvium is an open-world fantasy fighting game based on the Ethereum Newtork with the goal of becoming the first AAA-rated blockchain-based game to incorporate aspects of decentralized finance (DeFi) and non-fungible tokens (NFT) includes.

Data from TradingView shows that after hitting a low of $ 452.9 on September 29, the price of ILV rose 171% and hit a new record high of $ 1,231 on November 2, while the 24- Hourly trading volume increased 122% to $ 105 million.

ILV / USD 4-hour chart. Source: TradingView

The building dynamics for ILV come after the release of raw material that represents the gameplay of the platform. This gave interested gamers a first taste of the Illuvium ecosystem.

Related: Axie Infinity, Decentraland and “Metaverse” cryptos all rebound after Facebook was renamed Meta

Tokemak integrates “Token Reactors”

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

Data from CoinGecko shows the TOKE price has risen 145.65% from the low of $ 29.98 on September 21, and hit a new record high of $ 73.27 on November 2 as its 24 hours – Trading activity remained relatively stable near $ 8 million.

TOKE / USD 2-hour chart. Source: CoinGecko

TOKE’s steady rise in price is due to the total value locked on the Tokemak platform reaching a new all-time high of $ 767.9 million, according to Defi Llama. The recent introduction of Token Reactors on the Tokemak dashboard allows users to leverage tokens from other protocols such as Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.

The total market cap for cryptocurrencies is now at $ 2.732 trillion and the dominance of bitcoin is 43.8%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.