Wrapped Bitcoin is an ERC-20 based ETH token running on the Ethereum network created in January 2019. It is the first ERC-20 token backed by Bitcoins which aims to be fully transparent and secure. The mission of this token is to showcase the power and transparency of Bitcoin’s underlying asset.
Wrapped Bitcoin is a stable coin (a cryptocurrency with a value tied to an asset). Wrapped Bitcoin (WBTC) represents an excellent chance for anyone who wants to invest in crypto without having to worry about fluctuations in price.
This article will go over all you need to know about Wrapped Bitcoin’s price to increase your chances of investing in this cryptocurrency at the most. Have a look.
Wrapped Bitcoin Fundamental & Technical Analysis
The Wrapped Bitcoin market cap is $6,463,539,394, and the currency is currently trading for $32,864.39 or 0.00000447 BTC with a 24-hour volume of 110 298 100 USD.
Created by a team of experienced cryptocurrency exchange experts, the security token was among the top 20 winners in 2018. Since its launch, it has been growing favorably. In July 2019, despite Wrapped Bitcoin’s poor performance, it broke past the $4000 mark. Its future looks bright, and the current price is $9557. The Wrapped Bitcoin team is expecting to cross the $10,000 mark again by December 2019.
Wrapped Bitcoin started the year at $850027.50 per token, and it closed the year at $6,8984.36 per token for the first quarter. It was priced at $6,746.22 per token for the second quarter and ended at $6,1086.41 in the third quarter. In the fourth quarter, its price reached a new level of $5,0849.46 per token.
How does Fundamental and Technical Analysis help in predicting the price?
Wrapped Bitcoin market sentiments are measured in two ways: fundamental and technical analysis. The fundamental analysis gives you more insights into how the market behaves and helps you understand the underlying factors that may be driving it.
Technical analysis, on the other hand, is a way of figuring out the traders’ actions and making predictions. If you’re looking for a simple but effective way to invest in Wrapped Bitcoin, you can take help from these experts.
What do experts have to say?
At the start of 2020, Wrapped Bitcoin was under $10,000. Towards the end of the same year, however, Wrapped Bitcoin was over $31,083.45. Its price is consistently increasing, and analysts are predicting that in 2022, it will easily touch $50k, if not more.
Wrapped Bitcoin dropped close to 50% in Q2 2020 as a result of the economic crisis. However, since July, the price climbed up well over 100% amidst growing demand and using WBT as a substitute for cash.
Even though the world economy took a hit and WBTC suffered, certain countries are better prepared against such events. Switzerland, Sweden, Argentina, and Denmark seem to emerge as the most promising nations. WBTC has been an exemplary performer in the year 2020. The graph clearly depicts its steady growth.
Wrapped Bitcoin: The Market Sentiments
As an idea, Wrapped Bitcoin (WBTC) has great potential in the cryptocurrency world to combine the benefits of centralized and decentralized trading platforms.
But as of now, it is missing the mark with its user interface and fundamental market mechanics that will be harder to implement than they appear.
Wrapped Bitcoin’s Market Mechanics
The main reason Wrapped Bitcoin is so misunderstood comes from its market mechanics. The entire point of the token is to give users the option to trade with their Bitcoin as either Wrapped Bitcoin or as regular Bitcoin, depending on what they prefer. This means that the Wrapped Bitcoin has to be pegged 1:1 with regular Bitcoin.
Wrapped Bitcoin Price Prediction for 10 Years
“This token works like any other ERC20 token, this means that WBTC is not actually burning or destroying BTC. Rather, the BTC is wrapped (or locked) to make it unusable until someone chooses to unwrap it.”
This means that for every Wrapped Bitcoin created, and there is a corresponding Bitcoin that has been locked away. For example, if 1 BTC becomes 2 WBTC, the first BTC becomes inaccessible until someone unwraps it. This means that you have to buy Wrapped Bitcoin with regular BTC in the open market, which puts upward pressure on the price of Wrapped Bitcoin.
Wrapped Bitcoin Price Prediction for 2022, 2023, 2024, & 2025
Wrapped Bitcoin Price Prediction 2022
The year 2022 is also an important year for Wrapped Bitcoin as it completes its first cycle. The market will look at how WBTC has held up against BTC and how it has been used.
From the analysis of market indicators at present, it can be predicted that Wrapped Bitcoin will be valued at $52,800.80 by the end of 2022, which is a gain of +87.60% from its present market value.
Wrapped Bitcoin Price Prediction 2023, 2024
As Wrapped Bitcoin has already started gaining market momentum in 2019, it is likely to reach $65,000 by the end of 2023 and $73,000 by the end of 2024. This would be a remarkable increase of +155.71% from its present market value, and it may possibly be driven by a number of factors such as mass adoption on the part of institutional investors, increasing trading volumes, and increasing demand for WBTC on decentralized exchanges.
Wrapped Bitcoin Price Prediction 2025
The Wrapped Bitcoin price prediction for 2025 stands at a bullish $90,896. This would be an increase of +347.01% from the current market value, and it is likely that this would be propelled by a number of factors such as mass adoption on the part of retail investors, increasing trading volumes, and increasing demand for WBTC on decentralized exchanges.
Wrapped Bitcoin Price Prediction 2027, 2030
For the upcoming years, 2026-2030, Wrapped Bitcoin is likely to be in a strong position. The Wrapped Bitcoin price prediction for 2030 stands at a bullish $130,000. This would be an increase of +1,000% from the current market value, and it is likely that this would be propelled by a number of factors such as mass adoption on the part of everyone.