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Wrapped Bitcoin

Wrapped Bitcoin (WBTC) Rebounded Sharply Despite Today’s Low Numbers

Posted Thursday, October 27, 2022 by
Timothy St. John • 2 min read

Today sees the stablecoin Wrapped Bitcoin (WBTC) falling by 1.07%. That brings its price down to $20,560 (WBTC/USD), but it still far above the poor numbers we saw for the coin last week.


Progress Since Last Week for WBTC

Wrapped Bitcoin was headed down on Friday, falling 2% when we checked in after it had fallen for several days in a row. Today tells a different story for the coin’s fortunes, which have turned around since then and experienced a sharp bullish upturn.

This cryptocurrency stablecoin that is linked to Bitcoin is doing well right now, as it surged on Tuesday, climbing from $19,284 to $20,287 the same day. Then, it climbed once more early the next morning, moving up to $20,813. In about 30 hours, the WBTC rate had moved almost 8%.

Of course, Bitcoin (BTC) moved at about the same rate, since the two coins are tied together. Today, the BTC rate is at $20,577 (BTC/USD), very close to where Wrapped Bitcoin is.

Is It Time to Invest in WBTC?

Anyone looking to ride a bullish wave to profit on WBTC’s gains should watch the dropping trade volume. Over the last 24 hours, the coin has traded $161 million to Bitcoin’s $51.4 billion. Trade volume for both coins is way down, with Wrapped Bitcoin having fallen by 36% in the last day and Bitcoin dropping by 26%.

It looks like the investors who bought on the low side are selling off a lot of their coins now while the rate is still high. It also appears that the bullish wave may be ending and the sharp increases could be done for now. We will have to wait and see if there is any further significant action from these coins as the weekend starts.

Wrapped Bitcoin is up for the month so far, but it was higher near the start of last month. While it looks good in the short term, the wider picture shows a long-from bear trend.

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