The cryptocurrency markets have become increasingly unpredictable. With Bitcoin losing its support at $20.000 and Ethereum going under $1,000, many are wondering if they should still be investing in either of these assets. However, these bear markets are cyclical, and choosing the best BTC to ETH exchange rate is crucial to make the best out of this crazy volatility.
In this article, we explore both Bitcoin and Ethereum’s fundamentals. We provide expert forecasts from around the internet to give you a good idea of the direction their price might take.
Bitcoin was envisioned by Satoshi Nakamoto as the first digital, decentralized money, independent from any government. The original crypto introduced us to the concept of the decentralized ledger and the proof-of-work consensus mechanism where miners confirm transactions.
Its creator designed Bitcoin as a deflationary asset, with a limited supply of 21 million coins. By the year 2140, there would be no more new bitcoins to mine, which increases its scarcity significantly.
Over the years, Bitcoin evolved from digital money into one of the most sound store-of-value assets, rivaling precious metals like gold. Additionally, it brings additional benefits like easy storage, true ownership, and transferability.
BTC: Statistical Forecasts for the Future
At the moment of writing, Bitcoin is trading at a little over $20,000, with a market cap of $390 billion. It’s very far from its all-time high of $69,000 in November 2021, signaling that we are deep in a bear market at this point. Unfortunately, Bitcoin, like most cryptocurrencies, hasn’t been impermeable to the terrible macroeconomic environment caused by global rising inflation and a possible recession.
Here’s what some experts on the internet believe about the price of BTC:
- Despite the recent crash below $20,000, digitalcoinprice.com believes that BTC can return above this level and reach a maximum of $31,000 in 2023.
- Priceprediction.net is even more bullish, expecting a rebound from the current lows. The site predicts a maximum of 64,734.01 per BTC in 2023.
This bear market may continue its course in the following months and possibly until the end of the year. However, there’s still hope that things might turn around in 2023.
Ethereum got released in 2015. It was the first blockchain platform that supported smart contracts and decentralized applications. We can thank Ethereum for the advent of decentralized finance. It allows individuals to easily access advanced financial instruments without an intermediary.
An interesting fact is that Ethereum is currently undergoing a migration toward a proof-of-stake consensus mechanism. This should allow for better scalability of the platform and reduce its carbon emissions by 99%. This update is due by the end of August 2022.
ETH: Statistical Forecasts for the Future
Just like its peers, the ETH cryptocurrency is not having the best time in the markets. At the moment of writing, ETH is trading at approximately $1,100, barely hanging on to this level. With a market cap of $136 billion, it’s made a 3x retracement from its all-time high of $4,800.
Here’s what some reputable sources on the internet believe will happen with its price in the upcoming months:
- Digitalcoinprice has reduced the targets of their forecasts and predicts that Ethereum might return to a maximum price of $1,635.98 in 2023.
- Priceprediction.net believes that the bear market might not last as long and offer a target of $4,228.43 per ETH by 2023.
So, which one should you invest in, BTC or ETH?
Should You Consider Trading BTC for ETH?
Both Bitcoin and Ethereum are deep in the red during this bear market, having lost more than 70% value since their all-time high. However, crypto markets have proven to be cyclical in the past, so we can expect these prices to rise once again in the future. Here’s why you might want to consider exchanging BTC for ETH on https://godex.io/:
- Ethereum has overperformed Bitcoin by a large margin in the last bull run, and this is bound to happen again once the markets regain upwards momentum.
- Considering the price predictions we provided, investing in 1 BTC would bring around +50% gains, whereas the same amount invested in ETH could provide up to 4x gains.
- The demand for Ethereum is constantly increasing because of its role in the growing DeFi ecosystem, which might allow it to make considerable gains in the future.
All in all, while BTC might be the better store of value regarding adoption, ETH provides better profit opportunities in the long run.