When the cryptocurrency market plummeted on November 8^th, even Bitcoin (BTC) and Wrapped Bitcoin (WBTC) were seriously affected. Wrapped Bitcoin fell over 21% over two days. It plummeted from an average of $21,000 to $15,750 (WBTC/USD). Today, the coin is up just 0.05% to $16,467.

Wrapped Bitcoin Since the Crash

So, we are seeing some improvement with Wrapped Bitcoin and its linked Bitcoin token. However, investors are worried that they will have to wait a long time to see a full recovery from the coins.

After the crash, Wrapped Bitcoin climbed to $17,798 briefly, but the upward surge was not to last. WBTC’s rate fell into a bearish trend over the next few days and has now begun to level out.

Trade volume is down about 14% today, bringing in $132 million in trade over the last 24 hours. At its peak during the freefall, trade volume had increased to more than $500 million per 24-hour period. Many investors were expecting some kind of recovery, even a short one, and that paid off for those who invested during the decline.

Where Is WBTC Headed Now?

Now, the future of the coin is much less certain. It looks like the bear trend has finished for WBTC, but that does not mean a strong bull trend is coming next. The crypto market is not experiencing as much flux right now as it has over the last couple weeks, which means we should see more predictable and stable movement for the short term.

Our assessment is that WBTC will likely not seriously plummet over the next few days but could push toward the $17,000 level and higher. There should be some action for the coin over the weekend, so be prepared for that if you are looking to invest or already have some WBTC tokens.

Keep in mind that the market crash was a response to the Binance buyout of the FTX exchange, and market momentum from that has mostly settled.