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CORE, a layer 1 token, is up over 300% weekly despite the notable market sell-off on Tuesday.
CORE became the market's biggest gainer for the week, becoming the only token to post triple-digit gains this week, as the broader market is experiencing significant corrections. Following the Easter holiday, a net outflow of $85.7 million from bitcoin ETFs sent the cryptocurrency down 5% today, while other altcoins followed suit.
However, CORE's market performance remains unchanged as the daily trading volume of the token has increased by almost 70% today. The rally is mainly attributed to several Core network upgrades.
Earlier today, Core announced a new twitter.com/Coredao_Org/status/1775103314763358425″ target=”_blank” rel=”noopener”>nft Market on the network, and yesterday, the network's DAO announced a new twitter.com/Ccredao_Org/status/1775013800900747581″ target=”_blank” rel=”noopener”>airdrop as part of its new defi reward mechanism.
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Last week, the Core Foundation introduced coreBTC, an EVM-compatible, bitcoin-secured network asset designed to bridge bitcoin with the defi ecosystem.
CoreBTC is an ERC-20 token that maintains a 1:1 peg to bitcoin, allowing holders to interact with defi applications without compromising bitcoin's inherent security features.
The token leverages a decentralized multi-role network for security. It integrates into the EVM ecosystem and offers a reliable mechanism for packaging assets. The goal is to diversify bitcoin's utility and expand participation in the defi space.
These factors mainly contributed to CORE's latest rally.
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