Wrapped Bitcoin (WBTC), a tokenized version of Bitcoin has seen a significant increase in its market capitalization over recent times. The market cap of Wrapped Bitcoin has surpassed above $1.5 billion while hitting a new high. With this, this 1:1 Bitcoin-backed ERC20 token has become the sixth-largest digital token present on the Ethereum blockchain.
Currently, as per the data from DeFi Pulse, the market capitalization of the third-ranked DeFi coin Wrapped Bitcoin is standing at around $1.55 billion which makes it the sixth-largest token on Ethereum. The other top five digital tokens on the Ethereum blockchain in terms of market capitalization include the stablecoin Tether (USDT), Binance’s native digital currency BNB, Chainlink (LINK), USD Coin (USD), and the native cryptocurrency of Crypto.com CRO.
Overall, Wrapped Bitcoin is standing at the eighteenth-spot by market cap, as per the data from CoinMarketCap. WBTC overtook OKB coin, LEO Token (LEO), and Compound Dai (cDAI) in order to become the 18th-largest digital currency of the world.
There are various Bitcoin-pegged tokens present on the Ethereum blockchain including Wrapped Bitcoin (WBTC), renBTC (rBTC), tBTC, etc. However, the most famous out of these is WBTC.
Wrapped Bitcoin represents 80 percent of the total number of Bitcoin present on the Ethereum blockchain. With the massive growth shown by WBTC, there is now $2 billion worth of Bitcoin held by the Ethereum blockchain network. Till the mid of September, Ethereum was holding just 80,000 tokenized BTC worth approximately $1 billion. But now there are over 164,000 BTC held on this blockchain protocol. This is equivalent to 0.85 percent of the entire circulating supply of Bitcoin.
WBTC took more than one year to cross above the $1 million figure in daily trading volume in July 2020 after it was firstly minted in the month of January 2019. However, after that, this Bitcoin-tokenized digital coin has progressed well. Nowadays, WBTC witnesses a trading volume of approximately $50 million on a daily basis.
The price value of Wrapped Bitcoin is also trading above $13,000 with a change rate of 0.53 percent in the last 24 hours, at the time of writing.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.