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The 6th Largest Token of Ethereum is now Wrapped Bitcoin

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Nov, 07 2020

Nov, 07 2020

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The market cap is currently $1.5 billion in which the Wrapped Bitcoin has made 80 percent of the complete BTC, which is held on the Ethereum. It has been noted that Wrapped bitcoin has managed to reach the highs of all-time in the capitalization of the market and even the tokens number. The WBTC is now said to be a popular version of the Bitcoin Tokenized for using the Ethereum network. As per the official website, there is recent record of 116,885 WBTC made, which is even backed with the equal number of the bitcoin held by custodians. The WBTC market cap is now at the top of $1.58 billion. 


This has made WBTC the sixth-largest token by the market cap after the cry to the coin, Chainlink (LINK), BNB (BNB), USD. Currently, WBTC has moved the ranking in the last week for surpassing the cDAI, Bitfinex's LEO Token (LEO), and OKB, to name some. Currently, WBTC is now the trending on say on the 18 options in the cryptocurrency, which is now one of the largest positions considered by the market cap. To make sure the growth is put up well in the respective, it was noted that nearly 80,000 tokenized bitcoin of price less than under $1 billion were stressed. 


However, the recent gain has made BTC contribute to the increasing market capo made by WBTC. It is prime factor that hampers the rapid growth in the growing demand. WBTC is used widely in DeFi for farm yielding, especially among the products with more moderate yielding. It has now been estimated that there is a note of more than 164,000 BTC that are entirely locked in the DeFi protocols equal to 0.85 percent of the whole bitcoin supply. 


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