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Wrapped Bitcoin Price Prediction 2024: What is WBTC?

Last Updated December 25, 2023 11:12 AM
Peter Henn
Last Updated December 25, 2023 11:12 AM

Key Takeaways

  • Wrapped Bitcoin is the version of BTC that exists on Ethereum.
  • The crypto reflects Bitcoin’s price.
  • What’s next for WBTC?
  • Some Wrapped Bitcoin price predictions suggest it can reach $100,000 as soon as 2024.

With Christmas upon us, we’re hoping there are plenty of presents, wrapped up under your tree. For a crypto enthusiast, though, it is entirely possible that the one thing they want wrapped is some Bitcoin. This is especially true if they like the solidity of BTC but yearn for the flexibility of Ethereum (ETH).

Luckily, they can, at least in theory, get the best of both worlds with Wrapped Bitcoin, the version of BTC that operates on Vitalik Buterin’s platform. 

On December 21, 2023, Wrapped Bitcoin was worth about $43,725.

But what is Wrapped Bitcoin (WBTC)? How does Wrapped Bitcoin work? Let’s see what we can find out, and also take a look at some of the Wrapped Bitcoin Price Predictions that were being made as of December 21, 2023.

Wrapped Bitcoin Price Prediction

Let’s examine some of the Wrapped Bitcoin price predictions being made on December 21 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $102,830 $154,550 $446,894
Prediction #2 $63,713 $93,467 $617,267
Prediction #3 $109,673 $153,542 $372,888

First, CoinCodex  made a short-term Wrapped Bitcoin price prediction for 2023 that said that WBTC would drop to $43,433 by December 26 before recovering to $46,787 by January 20 2024. The site’s technical analysis was bullish, with 27 indicators sending positive signals and just three making bearish ones. 

Wrapped Bitcoin Price Prediction for 2024

DigitalCoinPrice  said Wrapped Bitcoin would reach $102,830 next year. PricePrediction.net said it would get to $63,713 then. Bitnation  argued it would trade at $109,673 in 2024. 

Wrapped Bitcoin Price Prediction for 2025

Moving on, DigitalCoinPrice’s Wrapped Bitcoin price forecast said it would get to $154,550 in 2025. PricePrediction.net thought it would be worth $93,467 then. Bitnation suggested it would reach $153,542 in two years time.

Wrapped Bitcoin Price Prediction for 2030

Looking at a more long-term Wrapped Bitcoin price prediction, DigitalCoinPrice thought it would trade at $446,894 in 2030. PricePrediction.net said it would stand at $617,267. Bitnation’s WBTC price prediction said it would reach $372,888 at the start of the next decade.

Google BardAI Price Prediction for Wrapped Bitcoin (as of December 21)

Google’s BardAI platform gave the following price prediction for Wrapped Bitcoin on December 21. Please remember that price predictions are very often wrong and that artificial intelligence should not be trusted. 

Short Term (Next 3 Months)

  • Neutral to Slightly Bullish: WBTC currently shows bullish momentum on long-term moving averages but short-term indicators suggest potential bearish correction. Bitcoin’s price trajectory will heavily influence WBTC.
  • Reasons: The recent rally in Bitcoin could push WBTC towards $45,000 in the short term. However, broader market sentiment and macroeconomic factors like upcoming interest rate decisions could trigger a pullback.

Medium Term (Next 6-12 Months):

  • Cautiously Optimistic: If Bitcoin maintains its upward trend, WBTC could reach $50,000 by mid-2024. Increased adoption of DeFi applications and growing demand for cross-chain interoperability could drive further growth.
  • Reasons: Continued institutional investment in Bitcoin and the potential easing of regulatory pressure could be catalysts for the broader crypto market. However, rising inflation and potential economic slowdown could pose challenges.

Long Term (5+ Years)

  • Moderately Bullish: WBTC’s price could potentially double in the next 5-10 years, reaching $80,000 to $100,000. Widespread adoption of blockchain technology and increasing use of DeFi could boost demand for WBTC’s cross-chain functionalities.
  • Reasons: Technological advancements in scalability and security could attract greater mainstream adoption of cryptocurrencies. However, unforeseen regulations or technological disruptions could significantly impact the long-term trajectory.

Important Caveats

  • These are just predictions based on current trends and may not be accurate. Unexpected events or changes in market sentiment can significantly alter the price trajectory.
  • WBTC’s price is heavily tied to Bitcoin. Always do your own research and consider your own risk tolerance before making any investment decisions.

It added: “Predicting cryptocurrency prices is notoriously difficult, and WBTC being pegged to Bitcoin adds another layer of complexity. However, we can analyze current trends and potential factors to make an informed guesstimate.”

WBTC Price History

Now, let’s examine some of the highlights and lowlights of the Wrapped Bitcoin price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Wrapped Bitcoin price prediction.

It is important to remember that WBTC’s price is linked to that of Bitcoin, so its movements reflect what BTC does. 

When WBTC came onto the open market in the Spring of 2019, it was worth about $3,500. The crypto followed what Bitcoin did, enjoying a significant bull run in early 2021. On April 14, it reached a periodic high of $64,796. Although it dropped after that, it enjoyed a resurgence later on in the year. As BTC reached an all-time high, so did its wrapped equivalent. On November 16, it traded at a record $67,011 before closing the year at $46,434.

2022 was not a good year for crypto, and WBTC dropped accordingly. A series of market crashes hit hard and it closed the year at $16,499, an annual loss of nearly 65%. This drop was, broadly speaking, in line with crypto’s overall performance last year.

Wrapped Bitcoin in 2023

WBTC price history
Wrapped Bitcoin has risen over the last year | Credit: CoinMarketCap

So far, 2023 has been much better. BTC shot up, and so did Wrapped Bitcoin. Although the overall crypto market had its ups and downs, Bitcoin’s strong performance was mirrored by WBTC. On December 20, it reached an annual high of $44,048, its best price in more than 18 months. 

By December 21 2023, Wrapped Bitcoin was worth about $43,725. There were 155,671 WBTC in circulation, representing the total supply. According to CoinMarketCap, this gave it a market cap of around $6 billion which, the site said, made it the 203rd-largest crypto by that metric. 

Wrapped Bitcoin Price Analysis

Wrapped Bitcoin has had a strong 2023, spurred on by BTC’s revival. By December 21, it had climbed about 165% since the start of the year, although it had fallen by around 0.7% since the previous day. 

Is Wrapped Bitcoin a Good Investment?

It all depends on what happens to Bitcoin. With excitement mounting over the United States Securities and Exchange Commission (SEC)’s potential approval of spot Bitcoin Exchange-Traded Funds (ETFs), things look hopeful. However, the SEC has not exactly been supportive of crypto in the past, so things could all fall apart.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in WBTC.

Will Wrapped Bitcoin go up or down?

No one can really tell right now. While the Wrapped Bitcoin crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Wrapped Bitcoin?

Before you decide whether or not to invest in Wrapped Bitcoin, you will have to do your own research, not only on WBTC, but on other coins and tokens such as Solana (SOL) and Cardano (ADA) Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Wrapped Bitcoin (WBTC) Explained

Although Bitcoin is the biggest crypto out there, it is not without its drawbacks. For instance, it can only be used on its own blockchain. You can’t use BTC to interact with other chains, such as Ethereum (ETH). The idea behind Wrapped Bitcoin is that it is a version of Bitcoin that exists on the Ethereum blockchain. This means that people have a version of Bitcoin that they can use on Ethereum. 

How Wrapped Bitcoin Works

Bitcoin holders can secure their BTC with a trusted custodian. Then, the custodian mints the same amount of WBTC on the Ethereum blockchain and sends it back to the holder. WBTC can be used on Ethereum and can be swapped back for Bitcoin. People can also directly buy, sell, and trade WBTC on exchanges. 

FAQs 

How many Wrapped Bitcoin are there?

There were 155,671 WBTC in circulation, representing the total supply, on December 21 2023.

Will Wrapped Bitcoin Reach $100,000?

It might do. Bitnation and DigitalCoinPrice said it would happen as soon as next year, while PricePrediction.net thought it could happen by 2026.

What is Wrapped Bitcoin used for?

Wrapped Bitcoin allows Bitcoin holders to operate on the Ethereum blockchain. People can also buy, sell, and trade it on exchanges.

Further reading

Sei Price Prediction 2024: What is SEI?

Internet Computer Price Prediction 2024: What is ICP?

Kaspa Price Prediction 2024: What is KAS?

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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