Cryptocurrency
Ethereum Is Eating Bitcoin
As reported by Forbes, “Ethereum, having long played second fiddle to the number one cryptocurrency, bitcoin, is stepping into the limelight. “The ethereum price, climbing more than 10% over the last 24-hour trading period and adding to gains of all almost 300% so far this year, remains far behind the bitcoin price—but price isn’t everything, with […]
As reported by Forbes, “Ethereum, having long played second fiddle to the number one cryptocurrency, bitcoin, is stepping into the limelight.
“The ethereum price, climbing more than 10% over the last 24-hour trading period and adding to gains of all almost 300% so far this year, remains far behind the bitcoin price—but price isn’t everything, with the number of bitcoin tokens ‘wrapped’ into ethereum doubling in August.
“Bitcoin can be wrapped onto the ethereum blockchain using a number of ethereum-based tokens, such as WBTC, which has surged in popularity since May, according to data from Dune Analytics. During some periods in August, more bitcoin was wrapped onto ethereum than was created by bitcoin miners.
“Bitcoin wrapped onto the ethereum blockchain using WBTC is backed 1:1 by bitcoin and minted by locking up bitcoin on the bitcoin blockchain. It’s thought that by wrapping bitcoin onto ethereum and making it compatible with smart contracts, users will be able to unlock tools such as lending, liquidity provision, and decentralized exchanges…”