Bitcoin-Powered Altcoin CORE Surges Over 470% Amid Market Correction

• CORE has defied bearish market trends with over 470% jump in the past week.
• CORE has shown its uniqueness as a Bitcoin-feature-linked token and a DeFi asset.

Amid a broader crypto market correction, Core (CORE), an altcoin powered by Bitcoin (BTC) has emerged as a stand-out player with its price on a consistent soaring path over the past week. 

CORE Records Outstanding Price Increase

As of the time of writing, CORE has moved from its trade value of $0.59 on March 23 to $3.41, indicating an increase of more than 477% in the trailing 7-day period. 

Markedly, the altcoin has risen to become the 46th largest cryptocurrency by market capitalization with $2.5 billion, trailing behind Kaspa (KAS) with a cap of $2.8 billion. Over the past 24 hours, CORE’s trading volume has increased by 60.8% to $743 million, with circulating supply standing at $876,147,664.

Expressing excitement towards CORE’s recent price rally, Alex Krüger, a renowned Economist, stated, “There are two kinds of people in crypto. Those who have heard about CORE. And those who will.” He added that CORE will do better than Stacks (STX), another altcoin that leverages the Bitcoin ecosystem. 

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

Remarkably, his support of Core’s potential for rapid expansion has struck a chord with the crypto community and fueled the curiosity of investors even more. CORE is a layer-1 blockchain project that operates within the Bitcoin ecosystem with a distinct approach to combining Bitcoin’s Proof-of-Work (PoW) system with the attributes of Proof-of-Stake (PoS) through its proprietary consensus mechanism known as satoshi plus. 

Last week, the CoreDAO announced the release of coreBTC, a wrapped Bitcoin native to the Core chain with a 1:1 peg with BTC as a key development within the CORE ecosystem. CoreBTC is an ERC-20 token that is compatible with the Ethereum Virtual Machine (EVM) ecosystem, allowing developers to participate quickly and efficiently.

It is developed for long-term Bitcoin investors interested in DeFi, as well as institutions holding Bitcoin looking to diversify their blockchain portfolio and experiment with DeFi utilities. 

Potential Altcoin Season Looms

While the CORE continues to make waves with its remarkable surge in value, Kyle du Plessis, a crypto analyst, believes that the altcoin season is only getting started. Reiterating Crypto News Flash’s earlier reports,  the analyst presented his argument using data from the Blockchain Center and technical indications, showing that the altcoin season index had hit 76.

Moreover, with Bitcoin halving just around the corner, several altcoins are well-positioned to benefit from the rapidly expanding interest in cryptocurrencies and blockchain technology. From a historical context, the price of Bitcoin rises in the months after the halving, while the rest of the crypto market follows suit.

This time around, the halving event is anticipated to have a greater influence than simply inflating the BTC price. Experts believe the altcoin season will occur during this bull run. Per Crypto News Flash’s earlier announcement, some of the popular altcoins forecasted to increase substantially include Ethereum (ETH), Morpheus.Network native token (MNW), and Sui (SUI).