Wrapped Bitcoin market cap exceeds $1.5B, now sixth-largest on Ethereum

  • Wrapped Bitcoin has surpassed a market cap of $1.5 billion
  • Currently, the tokenized Bitcoin is ranked the sixth-largest token on Ethereum.

The largest cryptocurrency by market capitalization, Bitcoin (BTC), recorded immense price growth in the past few days. Just recently, the crypto broke past the $13,700 price level, making a new yearly high. Amidst Bitcoin’s uptick, Wrapped Bitcoin (WBTC), the most used tokenized version of Bitcoin, also surged by market cap, raising its position as the sixth-largest digital currency on Ethereum.

Wrapped Bitcoin surge by market cap

A glance at Wrapped Bitcoin’s website shows that about 117,194 WBTC is currently available and held in custody. Meanwhile, data from Etherscan shows a total supply of 117,183 WBTC. At the time of writing, this supply raises the token’s market capitalization to over 1.542 billion, per Etherscan. So, Wrapped Bitcoin now ranks as the sixth-largest token issued on the Ethereum blockchain.

The tokenized Bitcoin surpassed other popular cryptocurrencies such as Bitfinex’s LEO token, OKB (OKB), including DeFi‘s Compound Dai (cDAI). The top five Ethereum tokens with a bigger market cap than WBTC includes the US dollar-backed stablecoin Tether (USDT), Binance Coin (BNB), Chainlink (LINK), USD Coin (USDC), and Crypto.com Coin (CRO).

Overall, the Wrapped Bitcoin token ranks as the 18th-largest digital currency by market capitalization on Coinmarketcap, a crypto price tracking platform. 

DeFi tokenization protocol

Wrapped Bitcoin is the largest Bitcoin tokenization protocol on the decentralized finance (DeFi) market. The WBTC token is pegged 1:1 to the actual value of Bitcoin. Currently, on DeFi Pulse, the protocol is precisely the third-largest in the DeFi market, with over $1.55 billion worth of digital currencies locked in it. Noteworthily, the WBTC protocol holds about 80 percent of the entire number of Bitcoins on the Ethereum blockchain.

Some other Bitcoin tokens in the DeFi market include renBTC, the recently-deploy tBTC, and so on.

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Dennis Mugambi

Written by Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.