As of the latest data, Wrapped Bitcoin (WBTC) is currently priced at $61,555 with a market capitalization of $9.55B. The 24-hour trading volume stands at $74.35M, The circulating supply of Wrapped Bitcoin is approximately 155.50K. The cryptocurrency has seen a -2.12% decrease in value over the past 24 hours.
Wrapped Bitcoin (WBTC) is a digital asset that represents Bitcoin on the Ethereum blockchain, allowing users to access the benefits of both cryptocurrencies. It serves as a bridge between the two networks, enabling Bitcoin holders to participate in decentralized finance (DeFi) applications and smart contracts. WBTC offers increased liquidity, faster transaction times, and the ability to earn interest on Bitcoin holdings through various DeFi protocols.
The technology behind Wrapped Bitcoin involves a custodial model where a centralized entity holds the Bitcoin backing WBTC tokens. This ensures a 1:1 peg between WBTC and Bitcoin, providing users with transparency and security. The asset's smart contract architecture allows for seamless minting and burning of WBTC tokens based on the amount of Bitcoin locked in custody. This process is audited regularly to maintain trust and integrity within the ecosystem.
With the rise of DeFi and the increasing demand for interoperability between blockchain networks, Wrapped Bitcoin has gained popularity as a valuable tool for accessing Ethereum-based applications with Bitcoin. Users can trade WBTC on various decentralized exchanges, use it as collateral for loans, or participate in yield farming strategies. Overall, Wrapped Bitcoin offers a practical solution for leveraging Bitcoin in the expanding DeFi landscape while maintaining exposure to the leading cryptocurrency.
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that operates on the Ethereum blockchain, allowing users to access the benefits of Bitcoin's value and liquidity while leveraging the capabilities of the Ethereum network. WBTC is created through a decentralized process where users lock up their Bitcoin in a smart contract, which mints an equivalent amount of WBTC tokens. These tokens can then be used for peer-to-peer transactions, decentralized finance (DeFi) applications, and other Ethereum-based activities. WBTC's decentralized nature ensures that users have full control over their assets without relying on centralized intermediaries. The underlying blockchain technology of WBTC enables secure and transparent transactions, while Ethereum's consensus mechanism ensures the network's integrity and reliability. WBTC's unique features include interoperability with various DeFi protocols, enabling users to earn interest, borrow assets, and participate in decentralized exchanges. Its use cases span across various industries, including finance, gaming, and supply chain management, offering a versatile and efficient solution for accessing Bitcoin's value within the Ethereum ecosystem. Overall, Wrapped Bitcoin provides a seamless bridge between Bitcoin and Ethereum, unlocking new possibilities for decentralized finance and cross-chain interoperability.
To keep your Wrapped Bitcoin (WBTC) safe, it is recommended to store it in a hardware wallet such as Ledger for enhanced security. Hardware wallets provide an extra layer of protection by keeping your private keys offline and out of reach from potential hackers. Additionally, trusted platforms like Coinbase and Uphold offer secure storage options for WBTC, with robust security measures in place to safeguard your assets. By utilizing these secure storage solutions, you can ensure the safety of your WBTC holdings and protect them from potential threats.
Social media platforms are indicating a negative sentiment towards Wrapped Bitcoin. The sentiment score, which represents the balance between positive and negative posts weighted by interactions, is broken down as follows:
• Reddit posts show 50%
• YouTube videos show 50%
• TikTok videos show 50%
• On X (formerly Twitter), sentiment towards Wrapped Bitcoin varies. Approximately 4.99% of tweets express bullish sentiment, 81.29% express bearish sentiment, and 13.72% remain neutral. These sentiments are based on 829.53K tweets.
These findings are based on a total of 830.56K interactions over the last 24 hours, involving 120 unique social contributors to the topic.
This aligns with Wrapped Bitcoin's market performance; it is currently priced at $62.84K with a market capitalization of $9.55B.
Price change data is not available at the moment.
