Bitcoin cryptocurrency is booming: The increased demand from DeFi, together with the recent skyrocketing price of Bitcoin, has placed three protocols for Bitcoin formation in the 70 largest cryptocurrency markets.
According to popular market data aggregators, CoinGecko and CoinMarketCap, Wrapped Bitcoin (WBTC) is currently the 13th largest market with a market value of $ 4.04 billion dollars, with approximately 0.6% of Bitcoin’s offers currently closed by the protocol. Huobi BTC (HBTC) ranks 56th with a market value of $ 660 million, followed by RENBTC at 63rd with a market value of $ 510 million.
However, the emergence of Bitcoin tokenization protocols (BTC) as the leading cryptocurrency market is a problem for data compilers, as it risks calculating a multiplier for Bitcoin’s supply segment when considering the total market value in the crypto sector.
According to CoinGecko and CoinMarketCap, at the time of publication, WBC, HBTC and RENBTC account for more than 1.4% of the total market value of cryptocurrencies excluding Bitcoin.
With many analysts expecting Bitcoin to continue to push to a full-time high, and the DeFi sector’s appetite for cryptocurrency BTC has grown significantly in recent months, the share of cryptocurrency capitalized by Bitcoin services is likely to continue to grow.
Speaking to Cointelegraph, CoinGecko COO and co-founder Bobby Ong assured that “the market value of the token BTC […] is included in the overall calculation of the cryptocurrency market value” provided by his company. he added:
“We are aware of the issue of dual account, and we have internal conditions to try to solve this issue […] This was a phenomenon that became more widespread in the last year as more and more symbolic assets were created. At Ethereum. We hope to find a solution to this problem soon. “