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Wrapped Bitcoin tumbled by 11% today before making a quick recovery. At press time, the daily loss for this wrapped variant of Bitcoin is only 0.4%.
Is it following Bitcoin’s price trend or carving its path?
Wrapped BTC Price Drops 0.40%
The current price chart for Wrapped Bitcoin shows it is still following Bitcoin closely, going through the same motions and reaching almost the same level.
Over the last 24 hours, WBTC dropped by 0.40% to $25.6k before a panic bounce allowed it to recover. There has been an equivalent drop in its market capitalization. However, the rebound is reflected by a massive 115% increase in its trading volume over the last 24 hours.
At press time, Wrapped-bitcoin is trading at $25.9k and currently ranks 17th biggest cryptocurrency on CoinMarketCap.
What is Wrapped Bitcoin?
Wrapped Bitcoin is a tokenized version of Bitcoin for the Ethereum blockchain. This version complies with ERC-20 standards and allows Bitcoin to fully integrate with Ethereum’s DEX ecosystem lending services, prediction markets, and other DeFi applications.
Backed by Bitcoin, Wrapped Bitcoin remains pegged to the BTC’s price via a network that monitors merchants and custodians.
This project has always followed Bitcoin’s price trend; even now, there is no deviation. Only a slight change in the graph can be found, but the overall pattern remains unchanged. For instance, WBTC and BTC are 21.33% more valued than a year ago.
Wrapped Bitcoin Price Analysis
Wrapped Bitcoin closely followed Bitcoin’s price trends, meaning it hasn’t traded in the green ever since Bitcoin lost its $30k support in July and its $26k support a few days ago in August.
However, much like Bitcoin, Wrapped Bitcoin has entered heavily inside the oversold territory, with its RSI being 21 at the time of writing. The same goes for its overly negative MACD, which is -934. These numbers indicate that a significant bounce may be coming soon for this crypto, which may push its and Bitcoin prices further.
WBTC Alternative – Launchpad XYZ
While Wrapped BTC brings Bitcoin to the Ethereum blockchain, allowing users to do more with Bitcoin, Launchpad XYZ is a better alternative.
Designed to encompass all the elements of the Web 3 ecosystem, Launchpad XYZ offers developers a launchpad for their blockchain projects, ranging from P2E games, metaverse, crypto assets, and NFTs, and a launchpad for beginners of crypto to interact with the crypto space more inclusively.
It features multiple beginner-friendly features to make investing in crypto much more appealing. Its most notable features include Launchpad Quotient, Trading Edge, and AI-Assistant.
Experience trading like never before with #LaunchpadXYZ
Dive into a user interface crafted uniquely for you, ensuring maximum efficiency 🚀
Join us and elevate your trading game
👉https://t.co/ZUZaIKgy84
#LaunchpadKnows #Web3 #Crypto pic.twitter.com/9oe5kHSWxo— Launchpad.xyz (@launchpadlpx) August 23, 2023
With Launchpad Quotient, users can access a single score derived from 400 data points to pick the best blockchain project to invest in. Trading Edge allows users to interact with the crypto economy more intuitively. With Apollo, the official AI assistance by Launchpad, users get a module to search for the crypto project they are interested in.
These factors have contributed to Launchpad XYZ raising more than $1.3 million since starting its presale. Those who still want to access early bird gains can visit Launchpad. XYZ.
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