A until recently relatively unknown altcoin, Core (CORE), has made a remarkable leap in the past week, rising 477%. In this article we find out what exactly Core is and why it has risen so fast in the past week.
What is Core?
The Core project aims to integrate Bitcoin’s proof-of-work (POW) system with elements of proof-of-stake (POS) by implementing a unique consensus mechanism called satoshi plus.
This mechanism is designed to combine the robust security that Bitcoin offers with the flexibility of decentralized finance (DeFi).
One of Core’s focuses is coreBTC, a wrapped version of Bitcoin that aims to maintain a 1:1 value ratio with BTC within the Core ecosystem, bridging the gap between Bitcoin’s solid security features and the innovative capabilities within DeFi.
An impressive rally
Renowned economist Alex Krüger recently expressed optimism about Core, correctly predicting that it would experience a significant rise. Krüger also believes that Core will outperform Stacks (STX), another altcoin that leverages the Bitcoin ecosystem.
Currently, Core occupies the 49th position in market capitalization, which has now risen to $2.4 billion. Just ten days ago it was less than $500 million.
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Source: https://newsbit.nl/deze-op-bitcoin-gebaseerde-cryptomunt-boekt-winst-van-477/
