CORE price drops despite Coinbase and Bithumb listing

Core (CORE) price fell nearly 5% on Monday morning, trading in the red over the past 24 hours and week as the broader cryptocurrency market hit a bearish phase.

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As the price of Bitcoin fell to nearly $62,200 and Ethereum traded at $3,350, the declines spread across major altcoins. This saw the global cryptocurrency market capitalization fall by more than 3.5% to $2.27 trillion.

Notably, data from CoinMarketCap shows that trading volume in the cryptocurrency market increased by 55.8% in 24 hours, with over $50.8 billion traded due to recent sell-offs in outperforming stocks.

Bithumb lists the 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 3pm while withdrawals will be available from 5pm.

This could represent a big boost for Core, which also recently landed on Coinbase. The US-based cryptocurrency giant announced the listing of CORE on June 20, adding support for CORE on the Core DAO network.

The announcement to list CORE on Bithumb, which is the second largest cryptocurrency exchange in South Korea behind Upbit, saw the token’s price jump by more than 4%.

On June 20, when Coinbase announced CORE trading with USD pairs, the token’s price jumped more than 8% to above $1.48.

Listing on the main exchanges has the advantage of providing further visibility and increasing the liquidity of the tokens. While Coinbase and Bithumb can offer CORE these positives, the current market has clouded sentiment, hence CORE’s price woes.

This explains the fleeting gains seen on Monday.

CORE currently trades at around $1.34, down 4% in 24 hours and 16% in the past week. The decline sees the price of Core move further away from its all-time high of $6.14 reached in February 2023. Currently, CORE is more than 78% lower than that peak.

What is the Core (CORE)?

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Core is a layer 1 decentralized project that supports the Bitcoin ecosystem via a combined consensus mechanism called Satoshi Plus.

It uses the DAO Delegation Proof of Work (DPoW) and Delegation 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 users of the platform. The native token provides network utility between payments and enables staking and governance.

Core’s growth prospects include its growing traction through user adoption of non-custodial BTC staking.

This means that the platform helps make holders’ Bitcoin a profitable asset by allowing them to earn rewards on their BTC while remaining within the secure Bitcoin network.