Wrapped Bitcoin (WBTC) Now Represents 80% of Total BTC over Ethereum

The total market cap of Wrapped Bitcoin (WBTC) has now reached $1.5 billion that represents 80% of the total Bitcoin available over the Ethereum network.

After Bitcoin recorded new highs, Wrapped Bitcoin marked a great victory as it also touched peak value in the number of tokens and market capitalization.

Bitcoin is present over Ethereum blockchain but in tokenized shape such as WBTC. As per the official data, there are a total of 116,885 BTC present over the Ethereum network in the form of Wrapped Bitcoin. The official website tells its market cap has reached $1.58 billion

Sixth Largest Token over Ethereum

WBTC has now achieved the sixth spot in terms of market capitalization after CRO, USDC, LINK, BNB, and USDT. In its recent rally, WBTC has overturned major coins, including Bitfinex token (LEO), Compound Dai (cDAI), and OKB (OKB). According to the CoinMarketCap, it has attained the 18th position by market cap.

Currently, the value of Bitcoin present over Ethereum equals to $2 billion, and out of which, 80% is represented by Wrapped Bitcoin. The numbers of BTC over the second-most prominent blockchain has witnessed significant growth over recent months. For instance, there was only 80,000 Bitcoin (under $1 billion), but now, the value has reached $2 billion.

The DeFi protocols have now comprised a total of 164,000 BTC, which represent 0.85% of Bitcoin’s circulating supply. In January 2019, the first coin of WBTC minted, and the daily trading volume did not overturn $1 million level till July 2020. Currently, the daily trading volume normally takes a dip of above $50 million.

In the exponential growth of WBTC over recent weeks, Bitcoin has played a great role as it has witnessed new yearly highest positions. At press time, the world’s leading digital asset is exchanging hands above $13k and is standing at $13,192. According to crypto experts, the next goal of Bitcoin is $14,000 if bulls are ready to push it higher.

On the other hand, Ethereum, the second-largest coin by market, has not performed well as compared to the top cryptocurrency. For instance, it has lost 7.89% of its value over the last seven days and 2.43% in the previous 24-hours.

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