Total Marketcap: $ 111,111,111
Change 24h: 22,222,222,222
Volume 24h: 3,333,333
Bitcoin dominance: 44 %
Crypto Info, Price, Review and Analysis
Wrapped Bitcoin - WBTC logo high resolution

Wrapped Bitcoin (WBTC)

Wrapped Bitcoin tokenises Bitcoin and brings it onto the Ethereum blockchain

Wrapped Bitcoin Price 1 Year
$ 39,068.94
-22.46 %
Market Cap: $ 16 M

5 Years

1 Year

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WBTC Explained

Introduction to WBTC

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What problem does WBTC solve?

Name: Wrapped Bitcoin

Symbol: WBTC

One amazing project that has been the focus of the deFi community lately is the Wrapped Bitcoin. Wrapped Bitcoin, or WBTC, has been the most successful project in the deFi category in terms of market capitalization, use in the sector, and community growth. The purpose behind Wrapped Bitcoin is very intriguing. It is a protocol that aims to bring the whole Bitcoin infrastructure under the covers of Ethereum. This means that users will be able to use Bitcoin while staying inside Ethereum’s ecosystem.

Tom Heavey: Wrapped Bitcoin [$WBTC] Explained

What is WBTC

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What does the cryptocurrency WBTC actually do?

WBTCs, as actual products are tokens based on ERC-20 standards. Each token is basically supported by a Bitcoin in a 1:1 parity. WBTC is a way to integrate Bitcoin, and therefore other cryptocurrencies, to their DeFi counterparts on the Ethereum blockchain. Before WBTC, there was no way for Bitcoin holders to participate in the DeFi space, as it only supports ERC-20 tokens. How things happened before was that users had to exchange their Bitcoin for Ethereum or any other ERC-20 token, and it required transferring their coins to and fro cryptocurrency trading exchanges and wallets. Altogether, it used to be an arduous task, and the users then were not owning Bitcoin, they were holding Ethereum. WBTC has made this process easier and much quicker. The legging into Ethereum from Bitcoin does not require these many steps and can be considered direct for an end-user.

Who is behind WBTC

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What team is working to make WBTC successful?

Keyword: WBTC

Keyword: Bitgo

Keyword: Wrapped Bitcoin

Keyword: ERC20 token

Keyword: Bitgo

WBTC is a collaborative project of BitGo, Compound, MakerDAO, Kyber, and Ren.

It is being developed under the unanimous and collaborative efforts of many cryptocurrency organizations.

WBTC Development

WBTC Code Progress Analysis

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How did much the WBTC developers work on their coin over the last year?

The current development activities are being done collectively under the collaboration of many cryptocurrency giants. The code for the WBTC protocol is available for the public on GitHub. The GitHub repository is very active and shows frequent commits.

WBTC Community

WBTC Public Interest

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How many people did search on Google for WBTC indicates how many new people first heard from WBTC

Search Engine:

Region: Worldwide

Searchterm: Wrapped Bitcoin

Peak Popularity: 25. January 2021

The development around WBTC has been very promising and it has gained an unmatched amount of support in only two years. With the way things are going, WBTC is going to grow both in terms of its community and digital usage.

The upcoming projects under the hood of WBTC are Betoken. Betoken is a project that will increase the use of cases for WBTC and grow its involvement in daily transactions. Other than that, another much-hyped project is known as dYdX and is a tool that will allow users to lend, borrow, and margin Bitcoin on the Ethereum network.

WBTC has immense potential. This can be gauged by the fact that the most popular cryptocurrency is Bitcoin. Even if we talk in terms of market capitalization, BTC has a clear lead. On the other hand, deFi is the future of the cryptocurrency world. When both these forces will join, the result will naturally become one of the most sought after utility.

Google Trends is a tool that shows how many people search for a specific search keyword worldwide compared to its peak. The more people search for Wrapped Bitcoin on google, the higher the Google Trends curve rises. The Google Trends search data is based on the search keyword Wrapped Bitcoin Wrapped Bitcoin had its peak interrest 1 ago. At that time, more people searched for Wrapped Bitcoin than anytime this year. The interrest of newcomers for Wrapped Bitcoin seems to be tumbling, which is awful!

WBTC Sentiment Analysis

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How positive/negative are people on different crypto-related subreddits talking about WBTC

Based on:

Positive/Negative Posts Ratio: 2:1

The project is very young now. It was launched in January 2019 as a collaborative effort between multiple big players of the community. It is interesting to note that the majority of these organizations belonged to deFi space and were aiming to use Bitcoin to increase liquidity on the Ethereum network. BitGo, Compound, MakerDAO, Kyber, and Ren are some of the blockchain entities supporting the development of WBTC. The reason to target Bitcoin is that Bitcoin is by far the most popular cryptocurrency of all time, and a majority of it is just sitting idly in cold wallet storage. By bringing a fraction of that idle cryptocurrency into the natural market will boost the deFi economy and will prove to be fruitful in terms of better liquidity. Wrapped Bitcoin has gained quite a name for itself. It has become a rising force in the deFi space. Crypto-enthusiast who were particularly interested in Bitcoin is now pulled towards the world of deFi all because of WBTC. In October, Coinbase announced that it is going to list WBTC on its exchange, Coinbase Pro. This is a very exciting development for WBTC, as it is now being accepted and listed by many renowned trading exchanges.

Sentiment Analysis uses Machine Learning to analyze whether a post on reddit is written with joy or anger. The more excited people are about a project, the more positive posts there are on reddit. If a project behaves scammy, negative posts dominate. A good indicator is the positive-to-negative post ratio. For every 2 positive post about Wrapped Bitcoin, there are 1 negative posts, which is a below-average ratio. A recent post mentioning Wrapped Bitcoin with a lot of positive feedback was posted in r/CryptoCurrency by u/killawaspattack: Crypto guide for all

WBTC Enthusiasts Analysis

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How did the community of enthusiasts that follow WBTC closely develop over the last year?

WBTC has attracted a great number of followers in no time and has developed a huge community around itself. It has active representation on social platforms like Reddit, Medium, Twitter, etc. It is being adopted by a growing number of exchanges and is on its way to becoming a mainstream cryptocurrency.

WBTC Price Analysis

WBTC Price Overview

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Key price metrics such as All-Time-High (ATH) and Market-Cap of WBTC

Rank: 17

Price: $ 39,068.94

Volume (24h): $ 16 M

Wrapped Bitcoin has swept the cryptocurrency markets with great success and has acquired amazing partnerships along the way. First of all, it is being developed under the collaboration of many cryptocurrency giants like BitGo, Compound, MakerDAO, Kyber, and Ren. Many cryptocurrency trading exchanges have also listed WBTC on their exchange lists in the previous year. Among these are Coinbase Pro, Binance, Bittrex, OKEx, etc. In September, WBTC entered into a partnership with TRON cryptocurrency as well. BitGo, one of the developers of WBTC, plans to launch the token on the TRON blockchain as well. This will take WBTC to new heights as it will capture another cryptocurrency network other than Ethereum.

Wrapped Bitcoin is very similar to many other cryptocurrencies in its architectural styles. Although many of the other wrapped technologies do not necessarily target Bitcoin, the architectural concept is very close to the likes of Yearn Finance (YFI), Wrapped Ether (WETH), Tether (USDT), USD Coin (USDC), Dai (DAI), ChainLink (LINK) and Compound (COMP), etc.

Wrapped Bitcoin had its all-time-high (ATH) at 10. November 2021 at a price of $ 68,705.97. Today, Wrapped Bitcoin is traded for $ 39,068.94, which is a -43.14 % drop from the previous ATH. If you had bought Wrapped Bitcoin 1 year ago, you would have made a loss of 22.46 %. Going even more back, if you had bought Wrapped Bitcoin 5 Years ago (or at the first possible chance), you would have made a gain of 1,032.3 %.