Rapid Surge: Bitcoin-Backed Altcoin Surges by Over 470% Amid Market Corrections
One layer-one blockchain project within the Bitcoin (BTC) ecosystem is experiencing a significant surge in value amid a period of consolidation across the broader crypto market.
Core (CORE), which utilizes Bitcoin’s proof-of-work system (POW) alongside proof-of-stake (POS) attributes through its unique consensus mechanism called satoshi plus, has witnessed an impressive 477% increase in value over the past week. Rising from $0.59 on March 23rd to $3.41 at the time of this report. Renowned economist Alex Krüger recently highlighted the project and accurately forecasted a substantial rally, stating, “There are two kinds of people in crypto. Those who have heard about CORE. And those who will.” Krüger also predicted that Core would surpass Stacks (STX). Another altcoin leveraging the Bitcoin ecosystem, adding, “CORE will flip STX. 3x achieved, 4x to go.” While Core currently ranks 49th among digital assets by market cap with $2.96 billion, it trails behind Stacks with a market cap of $5.06 billion, ranked 26th.
Notably, CoreDAO has introduced coreBTC, a wrapped version of Bitcoin native to the Core chain. Maintaining a 1:1 peg with BTC. Core contributor Rich Rines emphasized, “coreBTC offers a Bitcoin-equivalent in DeFi. Enabling Bitcoin holders to retain their asset’s value while accessing diverse DeFi applications on the Core blockchain. This solution bridges the security of Bitcoin with the opportunities of DeFi. Empowering users and advancing a more inclusive and decentralized financial ecosystem.
Clever Robot News Desk 2nd April 2024
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