Wrapped Bitcoin (WBTC) Soars to 3-Week High - Forex News by FX Leaders
Wrapped Bitcoin

Wrapped Bitcoin (WBTC) Soars to 3-Week High

Posted Thursday, March 24, 2022 by
Timothy St. John • 2 min read

Riding Bitcoin’s tailcoats, Wrapped Bitcoin (WBTC) is up to $43,619 (WBTC/USD), which is the highest it has been in about three weeks. Bitcoin is likewise up, 2.91, bringing the BTC rate to $43,725 (BTC/USD).

WBTC/USD

Big Bounds for Wrapped Bitcoin

Bitcoin and Wrapped Bitcoin have both experienced difficulty since the beginning of the year. Today’s high is one of the standout achievements for these cryptos all year long. They have both spent a lot of time in 2022 under the $40,000 level, so seeing them surge like this is refreshing and encouraging for investors.

Bitcoin’s rate dropped below $40,000 for the first time in late January, taking the stablecoin Wrapped Bitcoin down to as low as $33,480. Wrapped Bitcoin tracks with Bitcoin, moving as it does, but not exactly at the same level. There tends to be a slight difference between the two of them.

Wrapped Bitcoin gives investors a method to take their crypto money and make it more liquid, passing it between different exchanges as they like and doing things with their money that regular Bitcoin doesn’t allow. Yet all of that is tied to the Bitcoin price, and as Bitcoin’s rate increases or decreases, so too does Wrapped Bitcoin’s.

A month ago, Wrapped Bitcoin hit a low of $34,702 and then shot up to $44,523 a few days later, proving it would not be held down. Just 10 days ago, Wrapped Bitcoin was struggling below that key $40,000 level at $37,860. It started to rise steadily since then and is up 2.87% for the day so far.

Where Is Wrapped Bitcoin Going to End Up?

This latest bullish action could be sustained for a few days at least, if past behavior for this year is any indication. If you watch Wrapped Bitcoin’s movement so far over the last few days, it is a steady incline, which is a good sign that the increase will stick for a bit.

We expect Wrapped Bitcoin to stay above the $40,000 level for several days at least, and it could move past $45,000 very soon based on its current trajectory. There is still a chance to buy in while the increase is not yet too sharp and there is no sign of an impending drastic drop.

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