Wrapped Bitcoin Staying Well Away from Last Month’s Historical Low
On June 20th, the cryptocurrency market took a nosedive, with Wrapped Bitcoin falling to $29,615 (WBTC/USD). The crypto pulled back out of there quickly, peaking at $41,873 by the 31st. This started yet another downward spiral that didn’t go nearly as far, stopping at $37,711 before rebounding.
Today, wrapped Bitcoin is up by 3%, siting at $39,572.22 as of this writing. It is up on multiple fronts, with a 45.2% increase in trade volume over the last 24 hours. On top of that, the market cap is up 3.9% as well. Analysts are hopeful that this crypto will continue to perform well because it hasn’t spent too long trending downward or staying around those low numbers.
Now could definitely be a great time to invest, as Wrapped Bitcoin is just coming out of a bearish trend for the week. The crypto is expected to continue to rise for a little while longer at least, as much of the cryptocurrency market is trending upward at the moment.
The next test for Wrapped Bitcoin is the $40,000 resistance level, which it fell from just two days ago. It would not be extraordinary to expect it to move past that once more in the very near future. Now, a far more unexpected resistance level for the crypto to pass would be the $45,000 mark. The last time Wrapped Bitcoin was at that level was back in May when the entire cryptocurrency market crashed. Before the crash, Wrapped Bitcoin was at $58,823, close to its all-time high of $64,817.36.
Wrapped Bitcoin Detailed
Wrapped Bitcoin is currently sitting at the #16 spot in the cryptocurrency rankings. This tokenized version of Bitcoin shares a 1:1 ratio with that crypto. It uses the Ethereum blockchain and operates on a decentralized exchange. At all times, the price of Wrapped Bitcoin is directly related to the price of standard Bitcoin. This makes it easy to funnel liquidity from the Ethereum network to Bitcoin and vice versa.
The advantage to using Wrapped Bitcoin is that those who hold WBTC can use crypto assets on non-native blockchains.
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