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November 30, 2020
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Wrapped Bitcoin (WBTC) is the sixth largest Ethereum token

Wrapped Bitcoin (WBTC) hit ATH today in terms of market cap and number of tokens.

Wrapped Bitcoin capitalization exceeded $ 1.58 billion

WBTC is the most popular, synthetic version of the BTC token intended for use on the Ethereum network. According official website, there are currently 116 885 WBTC secured with the same amount of BTC. The market capitalization of WBTC is currently $ 1.58 billion.

These results put WBTC in the sixth place in the Ethereum ecosystem in terms of market capitalization. More funds were deposited only in Crypto.com Coin (CRO), USD Coin (USDC), Chainlink (LINK), BNB (BNB) and in the first place – Tether USD (USDT).

WBTC moved up in the rankings last week. He managed to outperform projects such as Compound Dai (cDAI), OKB (OKB) and LEO Token (LEO) of the Bitfinex exchange. WBTC is currently the 18th largest cryptocurrency in terms of market cap.

WBTC accounts for 80% of all synthetic BTCs

ERC-20 token secured in a 1: 1 ratio with BTC reserves, Wrapped Bitcoin accounts for 80% of the value of all synthetic BTCs in the Ethereum network ($ 2 million). Looking at this growth broadly, there were only 80,000 Bitcoin tokens worth just under $ 1 billion on the Ethereum network in mid-September.

While the recent gains made by BTC are also contributing to the growth of the WBTC market cap, rising demand is the main driver of its surge. WBTC is used in decentralized finance (DeFi) for yield farming. Especially in projects with more moderate ROI. Currently, over 164,000 BTC are blocked in DeFi protocols. This represents approximately 0.85% of the total supply of BTC in circulation.

While the first Wrapped Bitcoin was launched in January 2019, its daily trading volume did not exceed $ 1 million until the end of July this year. Today, the WBTC regularly records a turnover of over $ 50 million.

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