Towards the end of the year, the bitcoin price was hovering above the $60K region and with 18.8 million bitcoins in circulation, the market valuation of bitcoin exceeds $1.16 trillion today. Meanwhile, the number of bitcoin tokens in existence today has ballooned exponentially over the past three years, rising to 408,210 bitcoins worth $25 billion today.
Over 400,000 Bitcoins encapsulated, synthetic or tokenized in the wild
Encapsulated, synthetic or tokenized bitcoin has become a growing trend over the past two years and nine months. One of the first projects was reported by Bitcoin.com News on January 30, 2019, the day the Wrapped Bitcoin (WBTC) project was first launched. Since then, there have been a much larger number of tokenized bitcoin projects and by July 2019, WBTC in circulation exceeded the capacity of the Lightning Network.
There are now a large number of bitcoin token projects such as BEP2, HBTC, RENBTC, SBTC, PBTC, OBTC, TBTC, Mstablebtc, RBTC, and LBTC. Among all the above Bitcoin protocols including WBTC, there are approximately 408,210 Bitcoin tokens worth $25 billion in circulation today.
WBTC holds the lion’s share of the tokenized BTC with 231,659 tokens in circulation today. The coin BEP2, known as BTCB issued by Binance, has about 105,099 tokens in circulation today. Meanwhile, other Bitcoin token projects have a much lower supply, and the third largest BTC token project is backed by Huobi trading platform.
Today there are 39,884 HBTC (Huobi BTC) and the entire HBTC market has a valuation of $2.4 billion. Follows HBTC RENBTC (16,818), SBTC (4,775), LBTC (3,367), RBTC (2,528), PBTC (1,786), OBTC (1,254), TBTC (792), Mstablebtc (248), respectively.
Ethereum, the lion’s share of the Binance Smart Chain Command of the Bitcoin cryptocurrency
Ethereum is the largest blockchain in terms of the amount of BTC raised on the network. Eight out of the 11 projects issuing encapsulated, synthetic or tokenized Bitcoin products use the Ethereum chain. BEP2 (BTCB) originates from the Binance Smart Chain (BSC), RBTC originates from the RSK network, and LBTC originates from Blockstream’s Liquid network.
The two prestigious bitcoin projects that have experienced exponential growth since their launch are WBTC and BEP2. Both projects are the most dominant with a total of 336,758 bitcoins or 82.49% of all premium bitcoins in existence.
What do you think of the over 400,000 Bitcoin tokens in circulation today? Tell us what you think about it in the comments section below.
photo credits: Shutterstock, Pixabay, Wikicommons
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.