CORE surges by 300% despite wider market liquidation
CORE, a layer 1 token, is up by over 300% weekly despite the market’s notable liquidation on Tuesday.
CORE became the largest gainer in the market over the week, becoming the only token to see three-digit gains this week, as the overall market is experiencing significant corrections. After the Easter break, an $85.7 million net outflow from Bitcoin ETFs saw the cryptocurrency dip 5% today, as other altcoins followed suit.
However, CORE’s market performance remains unphased as the token’s daily trading volume surged nearly 70% today. The rally is mainly attributed to several upgrades to the Core network.
Earlier today, Core announced a new NFT marketplace on the network, and yesterday, the network’s DAO announced a new airdrop as a part of its new defi reward mechanism.
Last week, the Core Foundation introduced coreBTC, a Bitcoin-secured and EVM-compatible asset on the network, designed to bridge Bitcoin with the defi ecosystem.
CoreBTC is an ERC-20 token that maintains a 1:1 peg with Bitcoin, enabling holders to engage with defi applications without compromising Bitcoin’s inherent security features.
The token leverages a decentralized network of various roles for security. It integrates into the EVM ecosystem, offering a trustless mechanism for wrapping assets. The goal is to diversify Bitcoin’s utility and broaden participation in the defi space.
These factors contributed mainly to CORE’s latest rally.
