Wrapped Bitcoin fell from $22,935 (WBTC/USD) on Thursday to $22,513 on the same day. This drop lasted just a few hours before investors started buying the low price, which was about the lowest the WBTC price had seen in two weeks. From there, the price started increasing and didn’t stop until it reached $23,149.
This is not only a full recovery, but an improvement from before. The current WBTC price is $23,047, slightly below where it was after the recovery. But it’s fair to say that Wrapped Bitcoin wasn’t affected by the drop for long.
How does WBTC perform?
This crypto is in a much better place than it was just a few weeks ago. We saw the price drop to as low as $20,868 towards the end of July. The price stayed below $22,000 for several days before bouncing back up just before the end of the month.
We’ve seen the WBTC slowly but surely rise since June of this year. There it hit the bottom of 2022. Since then, the coin has managed to make positive progress, maintaining gains but not making big ones in the long term.
It’s still down overall compared to where it started the year at $35,966. While we don’t think WBTC is a good long-term investment potential, it has a lot of potential for bearish trends in the short-term. There is still a lot going on with this coin as it has a trading volume of over $212 million over 24 hours. That’s a 61% increase from yesterday, showing some interest in the coin right now. We could see it move above 23,500 over the weekend if momentum holds.
Source: Crypto News Deutsch