Is Wrapped Bitcoin (WBTC) Headed Back Down after Today’s Fluctuations?
The stablecoin Wrapped Bitcoin (WBTC) looks to be headed toward a decline again after moving erratically today. It started at $37,199 (WBTC/USD) early today and then fell to $36,332 by 9 am. At press time today, it was back up to $37,203, giving it a total gain of 1.54% for the day.
Compare that to Bitcoin’s (BTC) 1.48% increase over a 24-hour period and a rate of $37,228 (BTC/USD).
How BTC and WBTC Compare Lately
Bitcoin has undergone some erratic movement over the past few days compared to Wrapped Bitcoin. WBTC is rising and falling more smoothly, encountering fewer sharp actions than Bitcoin. That can be beneficial for investors who want a stabler token that they don’t have to watch every minute to see if it has taken a quick turn.
WBTC’s bull and bear runs are not quite as sharp as what you get with Bitcoin, even though Wrapped Bitcoin is designed to follow Bitcoin in a trailing motion. That makes Wrapped Bitcoin a little easier to follow and less risky for investors who want the option to pull out or invest when the rates start to change. They have more of an opportunity to do that safely with Wrapped Bitcoin.
WBTC fell considerably last week, and it is still trying to recover.
What Investors Need to Know about Wrapped Bitcoin
Wrapped Bitcoin’s trade volume took a hit today, falling nearly 18%, though it still enjoyed more than $266 million in trade in the last 24 hours. Its market cap experienced a slight bump and is at $10,078,769,244.45.
Wrapped Bitcoin is designed to offer more liquidity and trading options than standard Bitcoin. It can be traded on the Ethereum network as a DeFi token, which is why some investors put their money in both Bitcoin and Wrapped Bitcoin. They can trade with more cryptocurrencies this way and rely on the relative stability of these two Bitcoin tokens to work with their assets.
WBTC tokens can be traded very quickly, especially when compared with the transaction speed of regular Bitcoin.
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