Wrapped Bitcoin the 6th Largest Token on Ethereum

by in Cryptocurrency News

market cap of WBTC has reached $1.5 B

The market cap of Wrapped Bitcoin (WBTC) has reached $1.5 B which is 80% of the total BTC held on Ethereum.

WBTC is the most common kind of Bitcoin used on the Ethereum system. The official website informed that at the moment there are 116,885 WBTC overall, supported by the same number of BTC held by trustees.

The market cap of WBTC now beats $1.58 billion.

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This means WBTC is Ethereum’s sixth-largest token by market cap, after Crypto.com Coin (CRO), USD Coin (USDC), Chainlink (LINK), BNB (BNB), and Tether USD (USDT). Last week WBTC got ahead of Compound Dai (cDAI), OKB (OKB) and Bitfinex’s LEO Token (LEO). If we talk about the whole crypto industry, WBTC ranks 18th.

The main reason for the rising market cap of WBTC is the instant growth of demand. However, the recent achievements of BTC also have their influence. WBTC is widely used in Yield farming.

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There is now more than 164,000 WBTC locked up in DeFi protocols, which makes about 0.85% of Bitcoin’s entire circulating supply.