No one can doubt that Ethereum has managed to consolidate itself as the second cryptocurrency in the world. And is that, thanks to the technical capabilities of the Blockchain created by Vitalik Buterin, ETH has attracted investors and projects from all over. For this reason, and despite the fact that the decentralized finance boom appears to be over, more than $ 360 million worth of BTC entered Ethereum in October.
Since its inception, Ethereum has raised commentary within the crypto world. And it is that, the cryptocurrency of Vitalik Buterin was the first to seriously challenge the hegemony of BTC. Not trying to copy or improve its features like Bitcoin Cash style coins did. But offering totally different and innovative technical capabilities.
Thus, the Ethereum Blockchain allows creators of cryptographic projects to host them within their blockchain. Avoiding the need to create a new Blockchain for each new project. And opening the doors to the emergence of products as different as Crypto Games, commercial smart contracts, and, of course, decentralized finance.
However, although these technical characteristics have allowed Ethereum to position itself as the leading altcoin in the market. They have not been enough to face BTC for the crown of the crypto world. Which has not prevented more than 360 million dollars in Bitcoin from flowing to the Ethereum blockchain in the month of October alone.
360 million in BTC in October alone
Thus, according to the analysis firm of the crypto world Dune Analytics, only during the month of October 360 million dollars in Bitcoin were tokenized in Ethereum. A process that is carried out through decentralized finance projects such as Wrapped Bitcoin. And with which Bitcoin holders can participate in the DeFi world of Ethereum without having to give up their BTC.
This millionaire income in Ethereum is especially important at a time when DeFi has significantly reduced its activity. After the price of DeFi tokens reached maximum figures at the end of the third quarter. Causing hundreds of millions of dollars previously invested in the sector to return to the Bitcoin market.
However, the 360 million dollars in tokenized BTC during October is still less than half of the amount tokenized in September, when the equivalent of 737 million dollars entered. Nevertheless, maintaining the trend that the market had followed in the months of August and September, when the amount of tokenized Bitcoins exceeded the number of BTC mined in the month.