Should you trade XMR to ETH now? Read on to find out the price prediction for these cryptocurrencies.
When Is the Best Time to Exchange XMR for ETH?
To maximize your profits as a cryptocurrency trader, you should know the right time to swap coins. Things can change pretty quickly in the crypto market because of the volatile nature of cryptocurrencies. Every hour counts in crypto trading, and as an investor, you should always keep an eye on the market to have an idea of how each of your assets is performing.
Unlike traditional stocks whose trading price doesn’t change much in an hour’s time, the price of a crypto unit can lose up to 5% within 24 hours. It is imperative, therefore, to keep an eye out on the crypto markets to pick up either a bullish or bearish trend on a coin of your interest.
Using an XMR to ETH trading pair as an example, read on to find out the importance of regularly monitoring the price of cryptos, as well as price predictions, to understand how they affect cryptocurrency trading.
What’s up with Monero?
One of the factors that positively affect the price of a crypto coin is technical advancements or improvements to the underlying technology of a project. To increase its attractiveness in the crypto market, Monero has implemented the following changes in the last months:
- The introduction of atomic swaps that allows cross-chain exchanges without the need for a central overseeing authority. Traders can trade with increased confidence without escrow services provided by third parties.
- The Bulletproofs+ algorithm. This upgrade makes transactions smaller, which facilitates quicker participant verification. Increased transactions per second boost the trading volume of a coin, hence enhancing the market confidence of an asset in the market.
- An increase in the number of signers from 11 to 16 per transaction, improves the currency’s privacy and security. The more the number of signers per transaction, the lower the chances of bad actors colluding to misuse the platform.
Just like Monero, Ethereum has also had its share of improvements aimed at making it more scalable and sustainable in the long run. These developments will eventually positively impact the price of ETH. Here are the recent project developments:
- Proof-of-Stake Blockchain. Instead of rewarding miners for using massive energy amounts to validate the blockchain through the Proof-of-Work consensus mechanism, Ethereum is moving towards the Proof-of-Stake model. Validators only need to have at least 32 ETH in their wallets to randomly participate in the validation and earn incentives from it.
These changes will start working as soon as the Ethereum Merge is implemented in mid-September 2022. They will affect the amount of energy required to keep the Ethereum platform running, hence making it more sustainable. This will definitely have a positive impact on the general outlook of ETH and, eventually, its price.
Expert Opinions on Future Price Movements
Reliable forecasts can help you to plan your next moves by following the advice of people with a lot of experience in the crypto industry. Before hopping onto Godex to make a trade, take time to read through the predictions for your prospective trades from reputable sources.
XMR Price Forecast
At the time of writing this article, the price of XMR stood at $150. However, multiple experts point to XMR rising above its highest point ($517) within the next few years. By the end of the year, experts see XMR at $180, which will increase by 55% (to $322) by the end of 2023. Experts see XMR at $600 by 2025, which will increase sixfold (to $3,600) by 2030.
ETH Price Prediction
Although ETH has been on a bearish run of late dropping to its $1,540 current price, experts are predicting the price to rise back to $2,000 by the end of the year. As the dust from the crypto crash settles, ETH is expected to grow 3x (to $6,000) by 2025, which will translate to about $50,000 by the end of 2030.
Is It the Right Time to Swap XMR for ETH?
The ETH merge is two weeks away, and the crypto community is apprehensive about the instant impact that it will have on the ETH price. This makes it a bad time to put all your eggs in one basket by swapping from XMR to ETH at this moment. If you are a risk taker and believe that the merge will have a positive impact on ETH’s price, then this would be the perfect time to take the gamble.