Wrapped Bitcoin (WBTC) Jumps by 7.33%

The crypto market is going bullish today, with Bitcoin leading the way, achieving $66,850 (BTC/USD). That is an increase of 7.47% over the last 24 hours, and as Bitcoin rises, it brings its linked stablecoin Wrapped Bitcoin (WBTC) with it.

Wrapped Bitcoin is trailing regular Bitcoin slightly, with a price of $66,470 (WBTC/USD), which is a 7.33% increase over the last 24 hours. Where Wrapped Bitcoin does not trail hits bigger crypto brother is in trade volume. We’re seeing a trade volume increase of more than 24% for Wrapped Bitcoin over the last 24 hours, with regular Bitcoin experiencing a trade volume of just 7.07% in that same window.

What Does the Near Future Look Like for WBTC?

Wrapped Bitcoin only jumped up around 9:00 a.m. today, treading water before then. This is the biggest jump it has seen all week, which could indicate real bullish movement if investors don’t get skittish about a potential price drop. We could see a lot of new investors jump in on Wrapped Bitcoin today, trying to ride the increase as long as they can, but we could also see a lot of current investors dump their WBTC while they are sure to make a profit.

This is the highest we have seen Wrapped Bitcoin in months. It has been riding a bullish wave for most of the last 30 days, starting particularly at the beginning of October. It could just be a matter of time before it all starts crashing down for Bitcoin and Wrapped Bitcoin both. While WBTC tends to trail BTC, the difference in pricing is rarely very significant.

Wrapped Bitcoin and Bitcoin are seeing an all-time high right now, pushing past the previous record of $63,436 for Wrapped Bitcoin and $64,888 for Bitcoin. It’s unlikely that we will see them continue to go bullish for much longer, but how soon will the turnaround come? That’s what investors are asking as they watch history being made with these two cryptocurrencies and see the market finally come back in a big way after the devastating crash from earlier in the year.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

Related Articles

XRP: Ripple attacks U.S Senator over Stablecoin Approach

6 days ago

Save

XRP: Ripple pledged $25 million For U.S Basic Education with RLUSD

7 days ago

Save

Stripe building Stablecoin to Challenge USDT, USDC, RLUSD

2 weeks ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments