Wrapped Bitcoin (WBTC): How Does it Rank Friday on Long-Term Trading Metrics?
Bitcoin is arguably the most popular digital currency in the world. However, that doesn’t mean that it’s perfect. Bitcoin has a number of flaws, including a slow transaction time, high fees, and a lack of scalability.
These are all problems that need to be addressed if Bitcoin is going to remain as the top cryptocurrency for years to come. That’s why many people are excited for Wrapped Bitcoin (WBTC). WBTC is a tokenized bitcoin on Ethereum which solves some of these issues. WBTC is a new token that combines the best features of BTC and Ethereum (ETH).
But how does it rank against other cryptocurrencies? Here are some long-term metrics for you to consider when evaluating WBTC.
WBTC: Should You Invest In It?
Using InvestorsObserver’s research on historical trading patterns, wrapped bitcoin receives an average long-term technical score of 51. Based on the token’s price movement over the past several months and the token’s support and resistance levels, our proprietary scoring system determines whether it’s a good buy-and-hold investment. Currently, WBTC has a better long-term technical analysis score than 51% of cryptos in circulation. Investors seeking strong, steady growth when allocating their assets will find this ranking metric most useful. High long-term and short-term technical scores may indicate assets that have bottomed out, allowing investors to ‘buy the dip’.
New Crypto Signal – How to Make a Killing with WBTC Tokens
With its current price of $50,653.770000000, WBTC is -$3,713.8800000 (-6.83%) below its 100-day moving average price of $54,367.660000000. Wrapped Bitcoin is currently $27,941.9800000 (222.98%) above its 52-week low price of $22,711.790000000 and -111,534.48000000 (31.23%) below its 52-week high of $162,188.250000000. Taking the current price relative to its moving average and 52-week high and low, we get an average long-term technical score of 51. Long-term trends in Wrapped Bitcoin’s trading indicate that traders are currently neutral on the token.
The total market capitalization of wrapped Bitcoin is currently $13,116,288,440.26, and its seven-day average daily volume is $1,484,391,904.65. WBTC has traded 161,615,283.05 less than its seven-day average in the past 24 hours. Wrapped Token: A wrapped token is an on-chain representation of another asset. You can represent it on a different blockchain or use it as an asset such as a stock or commodity. Trading on one chain can be exposed to assets on another chain, giving crypto traders access to non-crypto assets.
A historical analysis of WBTC’s price movement over the past year gives it a long-term technical score of 51, giving investors reasons to be neutral on the token.
Find out the full Report on Wrapped Bitcoin (WBTC) here.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
