CORE Cryptocurrency Surges: Market Value and Activity Skyrocket

CORE, a cryptocurrency supported by the Core blockchain, has witnessed a remarkable surge in trading volume and market capitalization, ascending to the 56th position globally. Despite its absence from prominent exchanges, the currency boasts a moderate volatility with a market cap of $2.358 billion and a 24-hour trading volume of $417.559 million. Recent analysis reveals a 65% spike in open interest and a 259% increase in derivatives volume for CORE, accompanied by significant liquidations of short positions.

CORE Cryptocurrency Experiences Significant Surge in Market Activity

Market Analysis

The Core cryptocurrency (CORE) has exhibited remarkable growth in its market performance, marked by a substantial increase in trading volume and market capitalization. According to CoinMarketCap, CORE's trading volume has witnessed a surge of 147% within the past 24 hours, while its market capitalization has risen by an impressive 67% during the same period. Currently, CORE ranks 56th globally in terms of market capitalization.

The market capitalization of CORE stands at a robust $2.358 billion, representing a 0.09% share of the overall cryptocurrency market. The 24-hour trading volume amounts to $417.559 million, resulting in a volume-to-market cap ratio of 17.7%. This ratio suggests moderate volatility in the market.

Despite the absence of CORE's listing on major exchanges or its pairing with fiat currencies, market sentiment towards the cryptocurrency remains positive. However, volatility remains a notable factor, currently standing at 22.5%.

The circulating supply of CORE is estimated at 875.04 million, representing 41.6% of its total supply of 2.1 billion tokens. With a fully diluted market capitalization of $5.637 billion, CORE exhibits a significant inflation rate of 1081.95%.

Derivatives Analysis

The Core cryptocurrency has experienced a surge in open interest (OI) and derivatives trading volume. Within a single day, OI has increased by 65%, while derivatives volume has skyrocketed by 259%. This activity has resulted in a trading value of $1.87 billion.

Over the past 24 hours, there has been a substantial amount of short positions liquidated, totaling $4.26 million, compared to $2.6 million in long position liquidations. This activity has resulted in a very close long/short ratio of 1.0028.

Technical Analysis

In the 1-day time frame, CORE's cryptocurrency is exhibiting robust momentum, with its value steadily climbing over recent days. The breakout from an ascending wedge pattern has propelled the crypto's price by over 350%.

The gap between the 20-day and 50-day exponential moving averages (EMAs) is significant, with the price of the crypto soaring 140% above the 20-day EMA. Furthermore, the EMAs are forming a 'golden cross,' a technical indicator that suggests a bullish trend.

The Moving Average Convergence Divergence (MACD) aligns with this upward trend, evidenced by a bullish crossover between the MACD and the signal line. The chart's histograms further reinforce the bullish sentiment.

On the daily chart, the Relative Strength Index (RSI) has escalated to overbought territory, currently positioned at 94. This indicates intense momentum in the crypto's price.

Despite these indicators pointing towards a strong bullish trend, there remains the potential for a significant price correction in the near future.

Social Dominance and Developer's Activity Analysis

Social dominance metrics, including X CORE news, X followers, and social volume, show a positive trajectory in CORE. There is also an uptick in active users of CORE crypto and Twitter chatter. These metrics confirm the growing popularity of CORE.

Furthermore, the CORE highlights healthy developer activity, as the developer's activity contributor's commit count is also changing over time.

Summary

Recent data shows a surge in CORE's trading volume by 147% and a 67% increase in market cap. The currency's market cap is $2.358 billion, with a 24-hour trading volume of $417.559 Million, indicating moderate volatility. Despite not being listed on major exchanges, sentiment is positive, though volatile. CORE's circulating supply is 875.04 million, 41.6% of the total 2.1 billion. Its fully diluted market cap stands at $5.637 Billion, reflecting a high inflation rate.

The crypto has experienced a 65% rise in open interest and a 259% increase in derivatives volume within a day, with more short positions liquidated than long. 

The price has shown strong momentum, breaking out of a long-term ascending wedge pattern, leading to a 350% price increase. The price is significantly above the 20-day EMA, with EMAs in a ‘golden cross’ and MACD indicating an uptrend. The RSI is at overbought levels, suggesting strong momentum but also the possibility of a future price retracement.

Additionally, Social metrics like X activity and developer engagement are on the rise, confirming CORE's growing popularity and active development.