Wrapped crypto tokens contribute to Bitcoin rally

Wrapped Bitcoin (WBTC) is used for DeFi purposes on numerous platforms, and it has played an enormous role in boosting Bitcoin’s price. Chen Fang, Chief Product Officer at BitGo, believes that the total amount of Wrapped Bitcoin could reach 10% of the minted coins over the next two years.

Analysts and crypto experts now believe that WBTCs have contributed to Bitcoin’s price rally as people now have other things to do with the cryptocurrency instead of selling it. Bill Noble, the chief technical analyst at crypto researcher Token Metrics, stated that DeFi had transformed Bitcoin into one of the world’s best collateral.

Timeline of Bitcoin, Wrapped-bitcoin