This article is a short and accurate marketing analysis of BTC and XMR essentials. Read on to find out more.
Is It the Right Time to Exchange BTC for XMR?
Bitcoin has been considered “digital gold” ever since it was created. Many new cryptos tried to overtake it but failed. However, some of them remained relevant and popular among traders, and one such crypto is XMR.
Therefore, it’s no wonder that many traders want to convert BTC to XMR and vice versa as a way to make a profit. If you want to learn whether (and when) you should do it, read our guide and learn more about BTC, XMR, and their future.
Bitcoin Analysis
Perhaps the most discussed topic related to Bitcoin nowadays is Bitcoin halving, which is scheduled to happen in April 2024 — roughly a year from now. This event means cutting the miner reward in half, and that’s something that happened last time on May 3, 2020. After that, the price of BTC started increasing, although the Covid-19 craze also affected it. All in all, the halving will result in price fluctuations, but you need to pay attention to other news as well.
Bitcoin reached an all-time high of $68,789 on November 10, 2021. After that, it started gradually decreasing, although the price remained relatively high compared to the era before the first massive investments (December 2017). It’s still the most popular and most traded cryptocurrency in the world.
So far, over 19 million BTC have been mined out of 21 million, which is set as the maximum supply limit. In other words, a total of 92% of all BTC is now in circulation. However, with frequent halvings, new BTCs will be mined less often.
BTC Future Value
Bitcoin’s value will continue to increase — at least that’s predicted by major sources such as PricePrediction and Digital Coin Price. The former states that BTC will reach more than $83,000 on average by 2025 and that price will go as high as $556,300 in less than a decade. DigitalCoinPrice agrees, claiming that BTC will reach more than $300,000 by 2030.
Not many people are actively trading only Bitcoin. In fact, many rely on other crypto pairs, such as MATIC vs FTM, and actively incorporate them into their trading strategies.
XMR Analysis
Monero (XMR) is a digital currency that prioritizes privacy and anonymity. Its blockchain is based on cutting-edge cryptographic techniques, which add to anonymity by hiding the identities of all parties, including the amount.
In addition to its focus on privacy, Monero is also popular for its unique mining algorithm. It uses a Proof-of-Work (PoW) consensus mechanism called RandomX, designed to be more resistant to specialized mining hardware like ASICs. The primary benefit of this is keeping mining decentralized and accessible to a wider range of users.
Monero’s price has fluctuated significantly over the years, reaching an all-time high of $517.62 USD on May 7, 2021, according to CoinMarketCap.
While it had ups and downs, XMR is still holding well. It’s the 24th largest crypto based on market cap, which is also an indicator of its popularity. As such, it’s listed on all relevant exchanges.
XMR Price Forecast
According to PricePrediction, XMR will reach the price of around $475 by 2025. The same source forecasts Monero’s price will increase to up to $3,331 by 2030, which is a pretty optimistic prediction for this cryptocurrency.
We also consulted DigitalCoinPrice and its price forecasts regarding XMR. According to this source, Monero will reach an average of $542 by 2025, which will further increase to $1,671 by 2030.
It’s safe to say that prediction websites have faith in Monero and its future.
Consider Exchanging BTC for XMR
There’s no doubt about it: both Bitcoin and Monero will continue to be actively traded in the future. It’s also true that their prices will fluctuate depending on a range of different factors, as both are volatile currencies. However, you can profit from that volatility if you swap the two coins when the time is right. To do that, make sure to follow the news and read more about the two cryptos, along with any other digital asset you include in your trading strategy.