In the present study, a numerical bifurcation analysis is carried out in order to investigate the multiplicity and the thermal runaway features of metallic and superconducting wires in a unified framework. The analysis reveals that the electrical resistance, combined with the boiling curve, are the dominant factors shaping the conditions of bistability—which result in a quenching process—and the conditions of multistability—which may lead to a temperature blowup in the wire. An interesting finding of the theoretical analysis is that, for the case of multistability, there are two ways that a thermal runaway may be triggered. One is associated with a high current value (“normal” runaway) whereas the other one is associated with a lower current value (“premature” runaway), as has been experimentally observed with certain types of superconducting magnets. Moreover, the results of the bifurcation analysis suggest that a static criterion of a warm or a cold thermal wave propagation may be established based on the limit points obtained.