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WBTC Becomes One Of The Largest Tokenized Crypto At Ethereum

One of the most popular tokenized crypto assets out in the crypto world is Wrapped Bitcoin (WBTC). At present, Wrapped Bitcoin has a market capitalization of over and above US$ 1.5 Billion. But that is not all.

Ethereum Blockchain Network is famous for hosting a large number of tokenized crypto and Wrapped Bitcoin is one of them. As of today, an average of 80% of overall Wrapped Bitcoin are available at Ethereum Blockchain Network. This overwhelmingly large quantity of Wrapped Bitcoin at Ethereum Network makes it the sixth-largest tokenized crypto asset at Ethereum.

On 30th October, Wrapped Bitcoin has very recently left behind all tokenized crypto assets in the market. It has taken a lead from its rivals in terms of acquiring the most number of tokens available in the market. At the same time, in terms of its market cap, it has been able to record its all-time high.

Wrapped Bitcoin in itself is one of the most popular token at Ethereum Network. As per the data, it is confirmed that at least 116,885 WBTC is held at Ethereum under the possession of their custodians. It has also acquired a US$ 1.58 Billion market capitalization. Resultantly, Wrapped Bitcoin has safely become the sixth-largest token at Ethereum. At number one spot is Tether (USDT) and followed by CRO from Crypto.com, USDC, BNB, and LINK.

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Being 18th largest tokenized crypto of the world, Wrapped Bitcoin outdone many popular tokens to claim this 6th place. These popular tokens at Ethereum included OKB (OKB), Compound Dai (cDAI) as well as LEO Token (LEC) of Bitfinex.

If one looks at Wrapped Bitcoin’s performance at Ethereum in September then a major difference is prominent in October. It shows that in September at least US$ 1 Billion worth of WBTC was held by Ethereum. However, as of today, there are over US$ 2 Billion worth of Wrapped Bitcoin available at Ethereum.

It looks that the upward rally in the parent cryptocurrency, Bitcoin is allowing WBTC to see an increase in its demand. Since the start of October Bitcoin is gaining consistent highs in prices and is currently trading over US$ 13,500.

Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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