Core (CORE) price was down nearly 5% Monday morning, trading in the red over the past 24 hours and week as the broader crypto market fell into a bearish phase.
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As Bitcoin price fell to near $62,200 and Ethereum traded at $3,350, the declines spread to major altcoins. This saw the global crypto market capitalization fall by over 3.5% to $2.27 trillion.
Notably, data from CoinMarketCap shows that trading volume in the crypto market increased by 55.8% in 24 hours, with over $50.8 billion traded as recent outperformers were sold.
Bithumb lists Core token
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Bithumb, the second largest cryptocurrency exchange in South Korea, has added trading support for Core. The exchange plans to launch CORE/Korean won trading pairs today. Deposits will open at 3:00 p.m. while withdrawals will be available from 5:00 p.m.
This could be a major boost for Core, which also recently landed on Coinbase. The American crypto giant announced the listing of CORE on June 20, adding support for CORE on the Core DAO network.
The announcement of CORE’s listing on Bithumb, which is the second largest cryptocurrency exchange in South Korea behind Upbit, saw the token’s price rise by over 4%.
On June 20, when Coinbase announced CORE trading with USD pairs, the price of the token jumped over 8% to above $1.48.
Listing on major exchanges has the advantage of providing greater visibility and improving token liquidity. While Coinbase and Bithumb may provide CORE with these benefits, the current market has dampened sentiment, hence CORE’s price struggles.
This explains the fleeting gains observed on Monday.
CORE is currently trading around $1.34, down 4% in 24 hours and 16% over the past week. This decline sees the price of Core move further away from its all-time high of $6.14 reached in February 2023. Currently, CORE is down over 78% from that high.
What is Core (CORE)?
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Core is a decentralized layer 1 project that supports the Bitcoin ecosystem through a combined consensus mechanism called Satoshi Plus.
It uses the DAO Delegated Proof of Work (DPoW) and Delegated Proof of Stake (DPoS) mechanisms, which means that Bitcoin miners can participate in the validation of smart contracts.
Users receive CORE tokens as rewards, providing an environment that empowers both miners and platform users. The native token provides network utility for payments and enables staking as well as governance.
Core’s growth prospects include its increasing traction amid user adoption of non-custodial BTC staking.
This means that the platform helps make holders’ Bitcoin a yield-generating asset, allowing them to earn rewards on their BTC while remaining within the secure Bitcoin network.
This article was translated from English using artificial intelligence tools, then proofread and corrected by a local translator.
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