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BTC on Ethereum exceeds the $1 billion mark

Photo of: Janeth Diamond
by Janeth Diamond

The Ethereum blockchain has an open-source feature meaning that it allows the blockchain to host other coins. Over the past some time, there has been an emergency of tokenized Bitcoin on the Ethereum. At present, the list of tokenized Bitcoin on the Ethereum is WBTC, renBTC, sBTC, imBTC, and some others. Considering its conversion, one regular BTC is equal to one tokenized BTC which means that one Bitcoin can be converted into one tokenized and vice versa. 

Anthony Sassano the co-founder of Ethub and marketing official at Set, recently took to Twitter to announce a major milestone of BTC on Ethereum. Presently the total BTC on Ethereum has exceeded $ 1 billion and at the time of writing the worth stands at $1,089,488,099. The total supply has exceeded 95,000 BTC with the latest figure cracked at 99431 BTC. 

Source: Twitter

Ever since the Ethereum blockchain was initiated the developers have literally flocked over to exploit the network due to its open-source technology and smart contract functionality. Developers have successfully created more tokenized bitcoins because there has been an unprecedented growth in  the DeFi applications across the blockchain. Since the Bitcoin blockchain can’t allow ETH holders to lend their assets and get yields in return, users have begun to use the tokenized Bitcoin to do the needful thereby accelerating the pace of DeFi markets growth.

Source: BTC on Ethereum

A month on month analysis of BTC on Ethereum shows that the momentum started picking from March 2020 before which it operated on a very straight line. It captured the milestone of exceeding $1 billion only now, until then it was hovering between $90 million and present figure. 

WBTC on Ethereum

The number of locked WBTC has shown a tremendous increase beating an all-time high record. RenBTC also holds quite some clout on the Ethereum blockchain. HBTC, imBTC and sBTC also occupy their slots with increasing value every passing day. For all these forms of BTC, it shows the constant increase and the increase has mostly been in the months following global lockdowns. It was from there when the momentum began to where it is today. 

As is known, a majority of the global population which deals with crypto today are highly conversant with the leading digital asset which is Bitcoin. Ethereum as a digital asset comes only after Bitcoin in terms of market capitalization. It is a decentralized, secure and open-source Blockchain that has popularized the smart contract functionality. 

Ethereum’s popularity as a blockchain has soared very high which is why Ethereum is now facing an issue of clogged network and high gas fee. This has led to delayed transactions on which Ethereum is working. The Ethereum blockchain serves as the preferred platform for more than 260,000 different cryptos which includes 47 from the top 100 according to the market cap figures. Currently Ethereum is trading at $387.09, and has registered a 24-hour volume at $15 billion taking its Market cap to $43.60B.