- WBTC is an ERC-20 token on the Ethereum blockchain pegged to Bitcoin (BTC).
- Wrapped Bitcoin (WBTC) experienced a price of $30,532.11 last week, and it has since climbed to $30,994.09, demonstrating a modest increase in value over the period.
- Ethereum Safeguards WBTC Tokens: Unparalleled Security for Decentralised Transactions.
Current WBTC Price
The current trading price of Wrapped Bitcoin is $30,994.09 per WBTC. With a market capitalization of $4.87 billion, it has a 24-hour trading volume of $133.92 million. The WBTC to USD price is continuously updated in real-time. Over the past 24 hours, Wrapped Bitcoin has experienced a slight increase of 0.18%. It currently has a circulating supply of 157,076.45 WBTC.
Factors Influencing WBTC’s Future Price
Enhanced Participation in DeFiÂ
Wrapped Bitcoin has significantly simplified the process of using Bitcoin in decentralized finance (DeFi). It allows Bitcoin investors to retain ownership of their Bitcoin assets while leveraging DeFi dApps such as Compound or Aave for borrowing or lending purposes. Additionally, holders of Wrapped Bitcoin can easily exchange it for other Ethereum-based tokens, including Chainlink, Tether, or Shiba Inu, through decentralized exchanges like Uniswap. This increased accessibility and utility in the DeFi space can positively impact the demand for Wrapped Bitcoin, potentially influencing its price.
Bridging Two BlockchainsÂ
Wrapped Bitcoin serves as a bridge between the Bitcoin and Ethereum blockchains. Individuals can indirectly participate in the Ethereum ecosystem and its associated DeFi applications by purchasing Wrapped Bitcoin. This bridge allows users to leverage the benefits of both Bitcoin and Ethereum, expanding their options for investment and financial activities. The seamless integration between the two blockchains through Wrapped Bitcoin creates additional opportunities and liquidity, which can contribute to the price dynamics of WBTC.
Supply and Demand DynamicsÂ
Supply and demand principles can also influence Wrapped Bitcoin’s price. As more individuals seek to participate in DeFi using Bitcoin, the need for Wrapped Bitcoin may increase. This demand and a limited supply of Wrapped Bitcoin could potentially drive up its price. Conversely, if the demand for Wrapped Bitcoin decreases or the supply significantly increases, it could put downward pressure on its price.
Technical Analysis on WBTC
EMA (Exponential Moving Average)
On the 1-day timeframe, Wrapped Bitcoin is currently displaying a bullish trend, as indicated by the upward slope of the 50-day moving average below the current Wrapped Bitcoin price. This moving average could potentially act as a support level in future interactions. They are indicating a strong trend. Considering the bullish nature of the 50-day and 200-day moving averages, a Wrapped Bitcoin price prediction on the 1-day timeframe would be optimistic.
RSI (Relative Strength Index)
The Relative Strength Index (RSI) for the WBTC is at 67.53 at the time of writing. The RSI value of 67 suggests that the asset’s price has experienced some upward momentum but is not currently in an overbought or overWBTCd state. It indicates a relatively neutral trend balancing buying and selling pressure.
MACD (Moving Average Convergence/Divergence)
On the histogram side, there is near to indicate bullish divergence.
Price Prediction For August 2023Â
WBTC’s long-term Price Prediction is a look at WBTC’s concerning price. WBTC currently, while writing this article, stands at $30,994.09, with a market cap of $4.87B and trading volumes of $133.92M.
Its Technical levels for August 2023 can be as follow
Resistance Levels – Around $32145.94 to $37424.82
Support Levels – Around $27523.43 to $19655.83
Average Level – Around $29187.505
Disclaimer
The views and opinions expressed in this article are provided for informational purposes only. They should not be construed as financial or investment advice. Investing in or trading crypto assets carries a risk of financial loss.
