1. CORE market:Core DAO (CORE) is a native token of the Ethereum (ETH) Virtual Machine compatible (EVM) Layer 1 blockchain system. As an altcoin, CORE led the cryptocurrency market with the largest gains over the past week. Its price has increased by 138% in the past seven days and is currently trading at $1.60. In the past 24 hours, the price of CORE has increased by 35%, extending a week-long rally. Its trading volume surged 139% during this period. This is the first time since May 2023 that the altcoin has traded at $1.60.
According to the latest data, Core DAO (CORE) was last priced at $3.75, with a 24-hour trading volume of $533,495,533. In the past 24 hours, the price of CORE has increased by 38.8%. The circulation of Core DAO is 131 million CORE, the maximum supply and total supply are both 2.1 billion, its circulation rate is 6.26%, and the circulation market value is US$492,933,960.
2. Five factors for CORE’s surge
Over the past year or so, the CORE coin has been in the spotlight in the cryptocurrency market. However, since the price reached the then high in early February 2023, the price of CORE currency has fallen all the way and has been hovering at a lower price, even at the level of 2.5 yuan, for quite some time. So, why has the price of CORE coins increased significantly in recent days?
1. Investor demand: The fluctuation of CORE currency price is closely related to investor demand. As a new investment tool, the market potential and future development space of CORE currency have attracted the attention of a large number of investors. This increase in investment enthusiasm has driven the upward trend in the price of CORE coins.
2. Increased market recognition: Some well-known merchants and online platforms have begun to accept Bitcoin as a payment method. This move has increased the circulation and usage scenarios of Bitcoin. As the liquidity of Bitcoin increases, investor interest in the cryptocurrency market has further increased, including investment demand for CORE coins. This trend has driven the price of CORE coins upward.
3. Market supply and demand are tight: When the market demand for a cryptocurrency exceeds its supply, the price will rise. This situation could be due to a limited supply of the cryptocurrency or a sharp increase in investor demand for the currency. Tight supply and demand is a big reason for the sharp rise in cryptocurrency prices.
4. Promotion of technological innovation: With the continuous development and application of CORE blockchain technology, the usage scenarios of CORE coins are also constantly expanding. For example, decentralized finance (DeFi), as a popular application field, has attracted a large amount of capital inflows, driving up the price of related cryptocurrencies.
5. Uncertainty in the global economic environment: In the context of economic turmoil and financial crisis, some investors regard CORE currency as a safe-haven asset and avoid economic risks by transferring funds. This increase in demand will also drive up the price of CORE coins.
3. CORE’s future trends
As Coretoshis Lab points out, the recent surge in CORE DAO price is the result of a combination of factors that have fueled investor interest and speculation in the cryptocurrency. Coretoshis Lab played a key role in this rally, revealing potential developments that could push CORE prices to unprecedented heights.
This news is so trusted that more than 100 cryptocurrency institutional investment funds have planned to buy and hold CORE. Coretoshis Lab is optimistic about the future development of the token, stating that “in the next month, we will definitely reach the moon.” For 2024, CoreDAO is expected to experience extraordinary growth.
Coretoshis' remarks were widely recognized, and more than 100 cryptocurrency institutional investment funds have joined this year, preparing to buy and hold CORE. Recognition of institutional interests enhances the legitimacy of the narrative, boosts investor confidence and attracts more attention.
Optimistic outlook for CORE’s future development and comparisons of CORE DAO to a moon landing have added to the hype surrounding CORE. This has also deepened investors' concerns about capitalizing on its upward momentum, triggering more FOMO (fear of missing out).
4. What’s next for CORE?
When analyzing chart data for CORE DAO price, focusing on various important technical indicators can help you understand current market sentiment and possible price changes.
First, the 50-day, 100-day, and 200-day exponential moving averages (EMA) are all showing “buy” signals, indicating an upward trend in asset prices. These moving averages act as important support levels on the chart, signaling that buyers may step in at these levels to maintain the price.
Secondly, the MACD line, which assesses the correlation between the two moving averages, also shows a positive signal of “buy”, reinforcing the positive outlook for CORE. This indicates that the short-term moving average is crossing above the long-term moving average, indicating bullish momentum in the market.
Additionally, the momentum indicator RSI is currently trading at a high of 93.98, suggesting that the asset may be on the verge of an overbought situation. In this case, given the uncertainty in the market, investors may choose to take profits, leading to wild price fluctuations.
5. CORE after 30 days
CORE coin has a deep connection with BTC. No matter from any perspective, it far exceeds most altcoins. Many altcoins will increase in price based on just a concept or some empty description. The CORE currency is endorsed by Satoshi Nakamoto, and with the credit of BTC as a guarantee, its future prospects are immeasurable.
It can be optimistically predicted that by the end of next month, the price of each CORE coin is very likely to exceed 40 yuan. However, the price reaching or even exceeding 40 yuan is not the end, but a milestone in the upward process.
The future of CORE is full of unlimited possibilities, and investors should pay close attention to market trends and make wise investment decisions. As technology continues to advance and market demand increases, CORE coins are expected to occupy an important position in the cryptocurrency market.