DiutoCoinNews

Reporting on Fintech, Bitcoin, Ethereum, Blockchain and Cryptocurrency News in Nigeria

DiutoCoinNews Markets
NEWS

Wrapped Bitcoins Sharply Surpasses Bitcoin on Coinmarketcap

Share this:

Bitcoin’s market capitalization briefly dropped today as Wrapped Bitcoin suddenly topped the rank gaining quadrillions of dollars in value. 

The wrapped bitcoin suddenly gained a huge market capitalization of about $430 quadrillion for a brief period. The total market capitalization during these few moments was over the total world money supply estimated at $1.2 quadrillion according to Rankred.com. 

Read Also: What is WBTC (Wrapped BTC) and How to Use Wrapped Coins to Bypass Bitcoin Network High Fees.

Wondering how it would have happened?

In what was recorded to be a glitch, the value of WBTC stayed on for few moments on this spot before dropping to its actual position which is 13th position on Coinmarketcap with total market capitalization of about $4 billion. 

Source: Coinmarketcap

Bitcoin quickly went back to its actual position covering over $730 billion in market capitalization and remained the highest among all other cryptos.

What is Wrapped Bitcoin (WBTC)?

WBTC simply means Wrapped Bitcoin which is 1:1 to BTC, created on Ethereum Blockchain. The idea is to make bitcoin readily available on Ethereum network, not only to reduce fees but also to make it compatible for DApp development on Ethereum network.

Copyright DiutoCoinNews

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from  DiutoCoinNews.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *

Diutocoinnews Admin. Send all publications to info@diutocoinnews.com.ng