Their is a similar coin to Bitcoin, that follows its price fluctuations

[sincerem]

Did you notice that, their is a similar coin of Bitcoin. It follows the market price of Bitcoin, which is peaked at $32k per token, same as the price of Bitcoin. If Bitcoin price rises it follows and rise, when the price of Bitcoin drops down, the coin drops down as well. The name of the coin is Wrapped Bitcoin. I believed you know about this coin, i don't know why the coin is built to work hand in hand with Bitcoin, I'm very surprise to see it work the same as Bitcoin.

Do you think Wrapped Bitcoin and Bitcoin work on same blockchain?? Or it is created as a makeshift or a back up to Bitcoin?? I need your answer on this one!!

 

[Josemendez]

Wrapped Bitcoin represents Bitcoin in the ethereum network. It is a erc-20 token ,as thus 1 BTC is equivalent to 1 WTBTC. The difference is that WTBTC is in ethereum network while Bitcoin remain in it's own network.

Bitcoin can easily be converted to WTBTC ,and thus used in the ethereum network ,which initially couldn't be possible .
So ,that's why you are seeing their price correlating .

 

[sincerem]

Wrapped Bitcoin represents Bitcoin in the ethereum network. It is a erc-20 token ,as thus 1 BTC is equivalent to 1 WTBTC. The difference is that WTBTC is in ethereum network while Bitcoin remain in it's own network.

Bitcoin can easily be converted to WTBTC ,and thus used in the ethereum network ,which initially couldn't be possible .
So ,that's why you are seeing their price correlating .

You answered what i think its the answer, thanks for reaching to my aid. I never thought about it, I was thinking both are equivalent and operate at same blockchain. I never knew they are working on different blockchain. WTBTC works on Ethereum blockchain, with what you said. And can Aldo be converted to Ethereum to activate transactions in Ethereum network. Hmm, I hope that is possible, cos I'm still finding it strange though. I will make my own detailed research more about this WTBTC to get more clarification about how it works and why it works hand in hand with Bitcoin. You tried at least to detail me with a clue about how it works.