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Wrapped tokens are variations that operate within another blockchain network that's not their native.
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Each of these tokens have been “wrapped” so they can function on the Ethereum blockchain.
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Wrapped Bitcoin, renDoge, and THORChain (ERC-20) are the top wrapped tokens you can buy on November 16.
Wrapped Bitcoin (WBTC) is an ERC-20 token that represents Bitcoin (BTC) on Ethereum, which allows it to take advantage of all of the blockchain's capabilities.
renDOGE is a representation of Dogecoin (DOGE) on the Ethereum blockchain through RenVM.
THORChain has built a chain-agnostic bridging protocol that allows trustless and secure value-transfer connections with other chains. THORChain (ERC20) (RUNE) is the token that operates on the Ethereum blockchain.
Should you buy Wrapped Bitcoin (WBTC)?
On November 16, Wrapped Bitcoin (WBTC) had a value of $59,664.2.
To get a better perspective on what kind of value point this is for the token, we will compare it to it's all-time high value and its performance in October.
Wrapped Bitcoin (WBTC) had its all-time high value on November 10, when the token reached a value of $70,643.40.
Here we can see that the WBTC token was $10,979.2 higher in value at its all-time high value, or 18% higher than on November 16.
In terms of the performance in October, WBTC had a value of $43,411 on October 1, which was its lowest point.
On October 20, WBTC had a value of $66,857, which was its highest point of the month.
Here we can see that the token grew in value by $23,446 or by 54%.
With this in mind, we can expect WBTC to reach $63,000 by the end of November, making it a solid buy.
Should you buy renDOGE (RENDOGE)?
On November 16, renDOGE (RENDOGE) had a value of $0.2329.
With the goal of getting an indication as to what kind of value point this is for the token, we will compare it to it's all-time high volume as well as its performance in October.
renDOGE had its all-time high value on May 8, when it reached $0.731249.
This means that renDOGE had a value that was $0.498349 higher, or 213% higher at its all-time high.
When we look at the performance in October, on October 1, the token had a value of $0.1934, which was its lowest point.
Its highest point was on October 28 when renDOGE gained a value of $0.3344.
Here, the token increased in value by $0.141 or by 72%.
With this in mind, renDOGE has the potential to reach $0.3 by the end of November, making it a solid buy.
Should you buy THORChain (ERC20) (RUNE)?
On November 16, THORChain (ERC20) (RUNE) had a value of $11.09.
To figure out exactly what kind of value point this is for this wrapped token, we will compare it to it's all-time high value as well as its recent performance in October.
This token reached its all-time high-value point of $20.76 on May 18. Here we can see that the token was $9.67 higher in value or by 87% at its ATH point.
On October 1, the token had its lowest point of value at $6.8895.
Its highest point of value was October 30, when it had a value of $14.75.
Here we can see that the token increased in value by $7.8605 or by 114%.
With this in mind, we can expect this token to reach $14 by the end of November, making it a worthwhile buy.