Single layer 1 blockchain projects under development in the Bitcoin (BTC) ecosystem are surging in value as the broader cryptocurrency market consolidates.
CORE, which aims to leverage Bitcoin’s proof-of-work (POW) system with the characteristics of proof-of-stake (POS) using its own consensus mechanism called satoshi plus, has soared more than 477% in the past. main.
Core went from $0.59 on March 23rd to $3.41 at the time of this writing.
Widely respected economist Alex Krüger recently called attention to the project and correctly predicted that it would stage a massive rally.
Krüger said last month:
“There are two types of people in cryptocurrency. Those of you who have heard of CORE. And those who will.”
He believes Core will surpass Stacks (STX), another altcoin leveraging the Bitcoin ecosystem.
Krueger said Sunday:
“CORE will turn STX around. “Three times achieved, four times remaining.”
Core ranks 49th among digital assets by market capitalization. As of this writing, Core’s market capitalization is $2.96 billion. It is lower than Stax’s market capitalization of $5.06 billion. Stacks ranked 26th among digital assets by market capitalization.
Recently, CoreDAO announced the launch of coreBTC, a Bitcoin-wrapped version native to Core Chain that aims to maintain a 1:1 peg with BTC.
Core contributor Rich Rines says:
“coreBTC provides Bitcoin-equivalent functionality in DeFi, allowing Bitcoin holders to maintain the value of their assets while accessing a variety of DeFi applications on the core blockchain. A solution that bridges the gap between the security of Bitcoin and the infinite possibilities of DeFi.
“The goal is to provide Bitcoin holders with new ways to use their assets, which is one step forward in building a more inclusive and decentralized financial ecosystem.”
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