Tuesday, March 28, 2023

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


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Throughout bull markets, altcoins are likely to accrue beneficial properties when Bitcoin worth consolidates and at they run in tandem with BTC worth throughout breakouts. This dynamic seems to be at play at present as a result of a number of altcoins went parabolic on the similar time that BTC made a run at $64,000 and Ether (ETH) hit a new all-time excessive above $4,500.

In keeping with information from Messari, 31 tokens have established new record-highs prior to now 24-hours and the overall cryptocurrency market cap elevated from $2.619 trillion to $2.732 trillion in a single day.

Prime 13 tokens to lately set up a new all-time excessive. Supply: Messari

Let’s take a more in-depth have a look at the motivating components behind the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).

LCX advantages from new change listings

LCX is the native token of the Liechtenstein Cryptoassets Trade which was established in 2018. Presently, the change is in possession of no less than 8 cryptocurrency-related registrations by the Monetary Market Authority Liechtenstein and this enables the platform to legally provide change providers and safety token choices (STO).

Knowledge from CoinGecko reveals that since hitting a low of $0.125 on Oct. 17, the worth of LCX has rallied 250% to a each day excessive at $0.44 on Nov. 2 as its 24-hour buying and selling quantity spiked 257% to $18.3 million.

LXC/USD 2-hour chart. Supply: CoinGecko

The sudden spike in worth and buying and selling quantity comes a day after LCX token was listed on Coinbase Professional and the Singapore-based Bitrue change.

Illuvium gameplay preview ship ILV worth increased

Illuvium is an open-world fantasy battle sport that’s constructed on the Ethereum newtork and has the aim of turning into the primary AAA-rated blockchain-based sport that includes features of decentralized finance (DeFi) and nonfungible tokens (NFT).

Knowledge from TradingView reveals that after reaching a low of $452.9 on Sept. 29, the worth of ILV has surged 171% to determine a new file excessive at $1,231 on Nov. 2 as its 24-hour buying and selling quantity jumped 122% to $105 million.

ILV/USD 4-hour chart. Supply: TradingView

The constructing momentum for ILV comes following the discharge of uncooked footage depicting the gameplay of the platform. This gave avid gamers their first style of the Illuvium ecosystem.

Associated: 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 helps an “environment friendly and sustainable liquidity” throughout the DeFi ecosystem.

Knowledge from CoinGecko reveals that since buying and selling at a low of $29.98 on Sept. 21, the worth of TOKE has elevated 145.65% to succeed in a new file excessive at $73.27 on Nov. 2 as its 24-hour buying and selling exercise remained comparatively steady close to $8 million.

TOKE/USD 2-hour chart. Supply: CoinGecko

The regular climb within the worth of TOKE comes as the overall worth locked on the Tokemak platform reached a new all-time excessive of $767.9 million in accordance with data from Defi Llama. The latest rollout of “Token Reactors” on the Tokemak dashboard enable customers to stake tokens from different protocols such as Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.

The general cryptocurrency market cap now stands at $2.732 trillion and Bitcoin’s dominance price is 43.8%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your individual analysis when making a choice.