Topic: Bitcoin on Ethereum is Booming: Closing in on $1 Billion in Value - page 2. (Read 223 times)

You and me aren't responsible but there are some people who did this and he or she has a big amount that can affect the market price. So it can be true or not but generally it can be if big amount transferred to one currency to another.

The second part is we hope so Eth will hit $500 in bery short time but who knows it surely?

It only make sense to shift where the money is, so right now it's on Ethereum or DeFi. But once it is burst, investors are going back to BTC again. So this is just a short term effect if there is an impact on BTC price again.

@livingfree - it is encouraging if we see ETH hitting $500, that will be interesting as the question of sustainability will pop up.

I'm a bitcoin holder but I've never moved my bitcoin holdings into Ethereum. I'm also an Ethereum holder but I didn't do as what you or that article says. Generalizing like as if we did it is misleading.

But it is encouraging to see that Ethereum is about to touch again $400.

That's true of Wrapped BTC (Bitgo custody) but not renBTC, which leverages a decentralized network, and is permissionless and trustless. Users lock and release BTC on the Bitcoin blockchain via smart contract, and tokenize BTC on RenVM much the way that Lightning users tokenize BTC on LN.


Regardless of the custody aspects, BTC getting locked into DeFi protocols has a distinct effect on prices, so it's relevant to us in Speculation.

Sorry to say that I am not spamming rather I am sharing some crypto news regularly based on Cryptocurrency. Mostly price analysis, Bitcoin, Eth and other valuable coins or tokens news to know about crypto. You can check my profile and I am doing it with references. You can find the full article or news from that in one click. After all, I can say that I am helping the community to know or understand the Cryptocurrency through article or news which published recently.

Thank you for your valuable comment

No they're not! Bitcoin holders haven't moved a single satoshi. Only native/greedy people give up control over their own private keys for some empty promise, but those aren't holders.

Can you spam this BS somewhere else?

Bitcoin holders continue to move the value of their digital gold onto the Ethereum blockchain, defying recent price drops in both currencies.

Close to 80,000 Bitcoin have now been transferred to the Ethereum blockchain, as DeFi protocols attract value back to their liquidity pools following an early September crypto market correction.

Even as prices for Bitcoin and Ethereum fell starting September 1, BTC transferred onto the Ethereum blockchain has already increased nearly 37% so far this month, according to data from Dune Analytics.

The increase in Wrapped Bitcoin (WBTC) and other cross-chain Bitcoin lockups has pushed their aggregate value to more than $800 million from less than $600 million at the start of the month. The total value is now equivalent to more than 2% of the entire Ethereum market cap.


The trend is a signal that, despite price volatility in digital assets, the appetite for DeFi returns remains strong even among BTC holders.

Cross-chain transfer protocols like WBTC and renBTC use either trusted third-party custodians or smart contract-controlled wallets to hold one digital asset, in this case Bitcoin, while making a replica token on another blockchain, like Ethereum. The replicated assets, sometimes referred to as wrapped tokens, are pegged to the value of the original token.


The most popular BTC-to-Ethereum cross-chain project is Wrapped Bitcoin, which is responsible for more than 66% of all cross-chain BTC, with nearly 53,000 Bitcoin locked in that system so far. RenBTC, the second-most-popular transfer protocol, has grown steadily, maintaining the same share of the Bitcoin transfer market at approximately 22%.

One large gainer has been Huobi’s HBTC, rising to become the third-most-popular BTC transfer solution with more than 6% of the overall market. The total number of HBTC has increased more than 570% since the beginning of August, when it stood at under 1,000 HBTC; it’s at 4,800 today.

The rest part is here, https://decrypt.co/41593/bitcoin-ethereum-booming-closing-billion-value?amp=1