|Wrapped Bitcoin (WBTC)||Buy Wrapped Bitcoin Now|
|Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain. WBTC is compliant with ERC-20 - the basic compatibility standard...|
|Current price||$29 401.79|
|Change 7d||-2.31%||Market Cap||$8 132 620 498|
|Available supply||276 603 WBTC|
|Volume 24h||$206 997 510|
|Updated||Tuesday, May 24, 2022 4:00:09PM UTC|
|1 day||$28 951.87||-1.53%|
General WBTC facts, technical details and Wrapped Bitcoin Cryptocurrency information
Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain. WBTC is compliant with ERC-20 - the basic compatibility standard of the Ethereum blockchain — allowing it to be fully integrated into the latter’s ecosystem of decentralized exchanges, crypto lending services, prediction markets and other ERC-20-enabled decentralized finance (DeFi) applications.
WBTC is also backed by Bitcoin at a 1:1 ratio via a network of automatically monitored merchants and custodians, ensuring that its price is pegged to Bitcoin at all times and allows users to transfer liquidity between the BTC and the ETH networks in a decentralized and autonomous manner.
Wrapped Bitcoin was first announced on October 26, 2018, and officially launched on January 31, 2019.
The Wrapped Tokens project, of which WBTC is a part, wasn’t founded by individuals but is rather a joint project of three organizations: BitGo, Kyber Network and Ren. BitGo, co-founded in 2013 by American computer scientist and entrepreneur Mike Belshe, is an institutional digital asset custody, trading and financial services firm. In addition to being one of the developers of WBTC, BitGo also serves as its original custodian — the entity that holds WBTC tokens and the keys needed to mint more of them.
Kyber Network is an on-blockchain liquidity protocol that enables the integration of different cryptocurrency tokens and DeFi applications. It was founded in 2017 by Loi Luu, Victor Tran and Yaron Velner and is based in Singapore. Along with Ren, Kyber Network has helped create WBTC and still serves as a merchant on its network — the institution that mints and burns WBTC tokens to maintain the 1:1 ratio of tokens to BTC reserves.
Similarly to Kyber, Ren is a company focused on cross-blockchain integration of cryptocurrency assets and DeFi applications via solutions such as RenBridge, RenVM and others. It was founded in 2017 by Taiyang Zhang and Loong Wang.
By virtue of being the oldest and largest cryptocurrency on the market, Bitcoin can boast a massive user base and a liquidity pool of several dozen billion dollars. However, its blockchain functionality is relatively basic by modern standards. Unlike Bitcoin, Ethereum was built from the ground up to support more advanced use cases by utilizing the technology of smart contracts, giving rise to an entire industry dubbed “decentralized finance.”
Ethereum and products derived from it offer their users such advanced financial instruments as lending and insurance, which do not rely on trusted intermediaries. By “wrapping” BTC in the ERC-20 standard, WBTC enables full integration of a Bitcoin-like asset into this advanced environment of financial decentralized applications, bringing along the immense liquidity associated with the BTC market.
In addition, Wrapped Bitcoin makes the job significantly easier for exchanges, wallets and payment services that work with Ethereum: instead of having to run two separate nodes for ETH and BTC networks, they can support WBTC operations with just an Ethereum node. Finally, Ethereum blockchain’s faster average blocktime — about 15 seconds vs 10 minutes respectively — increases the speed with which WBTC can be transacted, compared to actual bitcoins.
There is no predetermined schedule of WBTC issuance. Instead, WBTC is automatically minted or burned whenever users purchase or sell their tokens for Bitcoin via a system of merchants and custodians. Because Wrapped Bitcoin is always backed by Bitcoin at a 1:1 ratio, the number of tokens in circulation is directly dependent on the amount of Bitcoin reserves in the WBTC network. As of October 2020, that number was just over 94,000 tokens, worth approximately $1 billion in total.
WBTC tokens are secured by the parent blockchain they run on — Ethereum. In turn, ETH is protected by the Ethash proof-of-work function, a representative of the Keccak family of hash functions.
You can buy WBTC on several exchanges, both centralized and decentralized ones, which serve as merchants on the Wrapped Bitcoin network. Some of the major ones include:
|Date||Open, $||Min, $||Max, $||Market cap, $|
|May 15||30 139.45||29 595.91||31 130.76||8 859 937 696|
|May 16||31 256.79||29 281.70||31 256.79||8 521 473 438|
|May 17||29 851.71||29 719.05||30 603.65||8 599 743 334|
|May 18||30 467.72||28 895.75||30 511.34||8 113 435 543|
|May 19||28 674.74||28 674.74||30 323.32||8 420 713 784|
|May 20||30 294.89||28 926.96||30 441.97||8 070 053 448|
|May 21||29 212.39||29 102.30||29 520.10||8 126 980 667|
|May 22||29 421.22||29 307.25||30 310.39||8 383 942 570|
|May 23||30 372.25||29 143.24||30 511.10||8 061 105 576|
|May 24||29 162.06||28 897.59||29 401.79||8 132 620 498|
* Crypto Rating accepts no liability for any errors in the Wrapped Bitcoin information, WBTC Prices and WBTC's Market Cap. For the most up-to-date prices please visit the Wrapped Bitcoin's official website.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||61.2%||87||$29 380.18||-3.28%||-2.43%||$559 642 402 733|
|2||ETH||Ethereum predictions||59.2%||88||$1 959.56||-5.15%||-4.83%||$236 921 809 457|
|3||USDT||Tether predictions||92.4%||1||$0.998958||-0.01%||0.02%||$73 198 714 964|
|4||USDC||USD Coin predictions||91.6%||1||$1.000329||0.03%||-0.01%||$53 273 212 846|
|5||BNB||Binance Coin predictions||61.2%||88||$321.57||-3.53%||6.21%||$52 504 644 349|
|6||XRP||XRP predictions||58%||91||$0.403749||-5.20%||-5.34%||$19 518 470 146|
|7||BUSD||Binance USD predictions||92.8%||1||$0.999393||-0.21%||-0.08%||$18 312 587 333|
|8||ADA||Cardano predictions||59.2%||93||$0.515615||-6.46%||-10.22%||$17 403 339 497|
|9||SOL||Solana predictions||60%||91||$50.05||-7.03%||-9.13%||$16 981 972 785|
|10||DOGE||Dogecoin predictions||58%||90||$0.082722||-5.26%||-7.04%||$10 974 841 808|
|11||DOT||Polkadot predictions||60.4%||90||$9.97||-5.87%||-7.56%||$9 850 001 505|
|12||WBTC||Wrapped Bitcoin predictions||57.2%||87||$29 401.79||-3.22%||-2.31%||$8 132 620 498|
|13||TRX||TRON predictions||73.2%||56||$0.081939||7.58%||16.52%||$7 754 289 182|
|14||AVAX||Avalanche predictions||58.4%||93||$28.73||-10.25%||-14.09%||$7 737 939 953|
|15||DAI||Dai predictions||90.8%||1||$1.000302||-0.03%||0.01%||$6 573 514 573|
A multichain platform aims to expand the DeFi market by accelerating the use of Bitcoin on Bitcoin and Ethereum networks. Until recently, the majority of Bitcoin (BTC)...
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