Supply of Wrapped BTC (WBTC) Drops 35% From Its ATH

Bitcoin 2 h    Reading time: ~2 m

The price of the crypto market leader Bitcoin (BTC), is trading at $16,787.57 after it gained 0.41% over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap. Its price is, however, still down 2.34% over the last 7 days.

With a circulating supply of 19,238,512, BTC’s market cap currently stands at around $323,140,684,206 at press time. Meanwhile, Wrapped Bitcoin (WBTC) is trading at the same price as BTC but has a significantly lower market cap of $3,110,897,115 at press time.

The market cap of WBTC is as low as it is because its circulating supply has fallen over the last few weeks. Currently, the circulating supply of WBTC is 186,010.

According to a tweet made today by Twitter user, Jameson Lopp (@lopp), the circulating supply of Wrapped Bitcoin peaked at an all-time high of nearly 286,000 WBTC in 2022. The tweet added that its circulating supply has since fallen by 35% to now stand at its current level.

Supply of Wrapped BTC (WBTC) Drops 35% From Its ATH0
Daily chart for BTC/USDT (Source: CoinMarketCap)

Looking at the daily chart for BTC/USDT, the price of BTC is trading below the 9-day and 20-day EMA lines, and is now looking to challenge the 9-day EMA line. The daily RSI indicator suggests that BTC’s move up will continue as the daily RSI line is sloped positively towards the overbought territory.

The daily RSI is also closer to the oversold territory which suggests that there is room for BTC’s price to move up if bulls step in to support this move.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


Updated: 12/20/2022 — 06:00

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