Getting Insights into ETC/BTC Exchange
The Ethereum ecosystem is subject to 90% of crypto discussions this month. The Merge (ETH migration from PoW to PoS) is set to be held on September 15, and ETH miners are already thinking of which coin to mine next.
While everything points to an obvious choice of Ethereum Classic, many still think this merger won’t happen in the coming years.
Therefore, rookie investors doubt whether they should convert ETC to BTC. Let’s see what the best option for them today is!
Ethereum Classic: Market Position
At the time of this writing, ETC’s performance on the market is considered positive. Here are a few numbers:
- Market cap – $4,740,940,547
- Circulating supply – 136,427,522.37 ETC
- Price change 24h – 16% down
- ATH – $176.16
- ATL – $0.4524
Analyzing Expert Price Predictions
When ETH switches to PoS, first of all, miners will switch to ETC mining. The rekindled talk of an impending move has driven ETC up 80% over the past several weeks.
For ETC, the influx of miners will provide invaluable support, as the network has experienced several 51% attacks in the past. An increase in the hash rate and in decentralization will have a positive impact on the security of the network and create conditions for the further growth of the coin.
Bitcoin: Market Position
Today BTC remains the #1 cryptocurrency in the world with the following market stats:
- Market cap – $411,003,480,931
- Circulating supply – 19,125,787.00 BTC
- Price change 24h – 8.6% down
- ATH – $68,789.63
- ATL – $65.53
Analyzing Expert Price Predictions
Some experts are sure that the value will fall right before the demand for cryptocurrency increases. A prerequisite is a calm, not “hysterical” level of demand. This type of demand is speculative (which means it’s false). It does not have a reliable base — physical demand. The price will rise right after we start using this tool as a means of payment. The price will continue to fall until the cryptocurrency market returns to its usual stable conditions.
Bitcoin will stop getting cheaper when the function of paying for goods and services comes into equilibrium. Some forecasters think that this will happen when the coin hits the bottom of $15,000. Others argue that the bar will drop even lower. In reality, everything depends on the real participants in the cryptocurrency market.
ETC for BTC: Pros and Cons
Having all that in mind, it’s quite difficult to know for sure whether one should convert all their ETC to BTC. However, considering core fors and againsts may ease this task for us.
- Profiting from the price speculation. No one makes you remain in BTC till it hits $100k. You can play with the cost in both directions (for example, to switch to ETC when the BTC domination falls).
- Adding the most popular crypto to your portfolio. BTC should be in everyone’s portfolio since this coin is the most stable among all the existing ones.
- Investing in a reliable project, so no risk of dealing with crypto bubbles. The chance that Bitcoin will repeat Luna’s fate is almost 0%.
- Acquiring BTC, which has a high return potential. Given Bitcoin’s stability, popularity, community, etc., you can be 100% sure that it will bring hundreds of percent to your deposit.
- Heavy price fluctuations. Once BTC’s market cap reached one trillion dollars. Having such an amount of money in one asset causes the market to make price fluctuations.
- Potential huge losses. Many think that $70k is the final ATH of the first cryptocurrency. If these experts are right, you’ll never recoup invested funds.
- The transaction is irreversible in case you change your mind. The crypto industry is ever-changing. So, there is a high risk that ETC will pump right after your transaction.
- ETC may perform better than BTC. Since ETC’s market cap is 90 times smaller than BTC’s, the price of the former can be pumped way easier than Bitcoin’s. Therefore, you choose stability instead of an even higher potential return.
When entering a cryptocurrency exchange, you should be 100% confident in your decision. It may happen that ETC hits $100 right after you convert all your coins. This is what we call FOMO. However, our advice is to wait a month or two. Recall — this financial market is only evolving, and an asset that hits the bottom today may reach the new ATH in a matter of months.
Just do your own research and follow a predefined strategy!