Summary:
- Wrapped Bitcoin (BTC) has flipped the market cap of Bitcoin SV (BSV)
- $320 Million in market capitalization separates the two assets
- Demand for Bitcoin on Ethereum continues to increase and has fueled the growth of WBTC
- WBTC is also available on the Tron network
Wrapped Bitcoin (WBTC) has surpassed the market capitalization of Bitcoin SV (BSV). This milestone was identified by the team at Coinmetrics who shared it via the following statement and chart.
With the increasing demand for Bitcoin on Ethereum, WBTC has flipped the market cap of BSV.
$370M in Market Cap Separates WBTC and BSV
A quick glance at Coinmarketcap reveals that the market cap of Wrapped Bitcoin (BTC) currently stands at $3.572 Billion. This is roughly $370 million higher than the market cap of Bitcoin SV (BSV) at $3.2 Billion as seen in the screenshot below.
WBTC is Now Available on Tron
Therefore it is a tight race between the two digital assets with WBTC having an upper hand as it gains popularity on other networks such as Tron. With regards to the latter blockchain network, a total of 99.89 Wrapped BTC (WBTC) has been issued to date.
The launch of WBTC on the Tron Network was made possible via a partnership between the Tron Foundation and BitGo. As with WBTC on Ethereum, Wrapped Bitcoin on Tron was launched to provide the value of BTC on the Tron Defi Ecosystem.
Justin Sun further explained that the launch of Wrapped Bitcoin on Tron would also save users from the high gas fees on the Ethereum network. He explained:
We are excited to expand TRON’s DeFi potential by partnering with the industry leader BitGo to bring integral cross-chain solutions such as Wrapped Bitcoin (WBTC) and Wrapped Ether to TRON.
Everyone may now use their BTC/ETH to enjoy all the benefits of the TRON DeFi ecosystem without the high gas fees on Ethereum!
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