The value of a single layer-1 blockchain project being developed in the Bitcoin (BTC) ecosystem is skyrocketing as the broader cryptocurrency market consolidates.
CORE, which aims to leverage Bitcoin's proof-of-work system (POW) and proof-of-stake (POS) attributes using a proprietary consensus mechanism called Satoshi Plus, has historically It skyrocketed over the week.
Core has increased from $0.59 on March 23rd to $3.41 at the time of writing.
Widely followed economist Alex Krueger recently called attention to the project, correctly predicting that it would lead to a massive price hike.
Krueger said last month.
“There are two types of people in cryptocurrencies: those who have heard of CORE; and those who do.”
He believes Core will outperform Stax (STX), another altcoin that leverages the Bitcoin ecosystem.
Krueger said Sunday.
“CORE flips STX. 3x done, 4x to go.”
Core ranks 49th among digital assets by market capitalization. As of this writing, Core's market capitalization is $2.96 billion. It remains below Stax's market capitalization of $5.06 billion. Stax ranks 26th among digital assets by market capitalization.
Recently, CoreDAO announced the launch of coreBTC, a core chain-native wrapped version of Bitcoin that aims to maintain a 1:1 peg with BTC.
Core Contributor Rich Lines said:
“coreBTC provides the equivalent of Bitcoin in DeFi, allowing Bitcoin holders to preserve the value of their assets while accessing a variety of DeFi applications on the Core blockchain. A solution that bridges the gap between DeFi and the endless possibilities of DeFi.
The goal is to offer Bitcoin holders new ways to use their assets, and this is a step forward in building a more inclusive and decentralized financial ecosystem. ”
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Featured image: Shutterstock/DM7/Nikelser Kate
