The market value of the Bitcoin-backed Wrapped Bitcoin (WBTC) token has approached the $1 billion mark. This is evidenced by data from the analytics service CoinGecko.
As of writing, the WBTC token sits at 26th in the rankings. The market capitalization of the coin stands at $999.4 million.
Source: CoinGecko.
According to the service BTC on Ethereum, the total value of WBTC has already exceeded $1 billion. Behind it by a large margin follow renBTC ($268.7 million), HBTC ($51.6 million) and sBTC ($25.4 million).
Combined market capitalization of Ethereum-tokens pegged to the first cryptocurrency stands at $1.37 billion.
Data: BTC on Ethereum.
In this segment, WBTC’s share stands at 73.1%. RenBTC has 19.1%, and HBTC is 3.77% in third place.
Market share of “Bitcoin on Ethereum” from Dune Analytics.
Despite a slowdown in DeFi activity, which experts linked to rising demand for WBTC, the total value of coins in September rose by $616 million. According to CoinDesk, this figure was $232 million in August.
On 24 September, the cryptocurrency fund Three Arrows Capital released 2316 WBTC onto the yield-farming market. The record lasted 10 hours, until Alameda Research minted 2317 tokens.
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