Bitcoin-Powered Altcoin Skyrockets Over 470% in Just Over a Week As Rest of Market Corrects

One layer-one blockchain project developing in the Bitcoin (BTC) ecosystem is skyrocketing in value as the broader crypto market consolidates.

Core (CORE), which aims to leverage Bitcoin’s proof-of-work system (POW) along with the attributes of proof-of-stake (POS) using its own consensus mechanism called satoshi plus, has soared more than 477% in the past week.

Core moved from $0.59 on March 23rd to $3.41 at time of writing.

Widely followed economist Alex Krüger recently called attention to the project and accurately predicted it would go on a massive rally.

Said Krüger last month,

“There are two kinds of people in crypto. Those who have heard about CORE. And those who will.”

He believes that Core will outperform Stacks (STX), another altcoin that leverages the Bitcoin ecosystem.

Krüger said on Sunday,

“CORE will flip STX. 3x achieved, 4x to go.”

Core is ranked 49th among digital assets by market cap. At time of writing, Core’s market cap of $2.96 billion. remains below the market cap of Stacks, which is $5.06 billion. Stacks is ranked 26th by market cap among digital assets.

Recently, the CoreDAO announced the launch of coreBTC, a wrapped version of Bitcoin native to Core chain that aims to maintain a 1:1 peg with BTC.

Says Core contributor Rich Rines,

“coreBTC provides a Bitcoin-equivalent in DeFi, allowing Bitcoin holders to maintain their asset’s value while accessing a variety of DeFi applications on the Core blockchain. It is a solution that bridges the gap between Bitcoin’s security and the endless possibilities of DeFi.

The goal is to empower Bitcoin holders with new ways to use their assets, and it is a step forward in building a more inclusive and decentralized financial ecosystem.”

Featured Image: Shutterstock/DM7/Nikelser Kate