Bitcoin paved the way for other cryptocurrencies by attracting enormous attention from investors worldwide and offering an innovative way of conducting global transactions without an intermediary. All other tokens have become known as altcoins, and some started specializing in maximizing anonymity, such as Monero.
What’s the current comparison of these two currencies, and should you convert BTC to XMR today? Before you make any trading moves, we suggest checking the guide below and learning about key features and price predictions for Bitcoin and Monero!
XMR Review
XMR is a digital coin that focuses on ensuring P2P transactions that are anonymous and untraceable. Monero belongs to privacy tokens due to improved privacy features. The idea is to use the power of technology to ensure it’s extremely difficult to connect a transaction to an individual, which means Monero is practically totally anonymous.
The platform uses a Proof-of-Work algorithm called RandomX. It’s CPU-friendly and ASIC-resistant, and combined with the latest encryption tools, this PoW algorithm makes Monero secure.
Decentralization is another primary network value. Monero designed its consensus algorithm in a way that ensures fair block reward sharing and doesn’t allow specific mining hardware to dominate the platform. The project is transparent and open to public discussion, ensuring the community is truly decentralized.
Monero reached its total supply, and all 18,307,598 XMR tokens are currently in circulation. However, the developers believe that rewarding miners is important to keep the network going. That’s why the number of XMR coins will keep increasing via tail emissions at a rate of 0.6XMR per mined block.
Monero Price Forecast
A single XMR coin is now worth $160, and it’s worth noting that only a limited portion of new tokens is being released at this point, which makes them scarce. Monero has a market cap of around $3 billion, and its position in the crypto rankings is among the top 30.
XMR is likely to be around the same value at the end of 2023, although there are experts who think it could almost double and put its worth up to $290. It’s more likely a significant increase will occur in 2024, with the XMR value for that year going from $285 to $458. As for 2025, Monero could be worth anywhere from $354 to $658, which is also a huge gap in expert opinions.
What Is Known About BTC?
If we are talking about the most popular cryptocurrencies, there’s no doubt that Bitcoin takes the top spot. Apart from being the first-ever crypto token launched in 2009, BTC has been the most valuable coin for years.
Bitcoin is famous for its decentralized system. It’s a payment processor that doesn’t include any intermediaries but supports direct transactions between two parties. Transactions are processed using cryptography and recorded on a blockchain. It’s a distributed ledger technology, which we can describe as a shared database.
There’s no total anonymity with Bitcoin, as it’s famous for pseudonymity. Although network transactions only require wallet addresses, those addresses can be connected to actual identities if you analyze the blockchain.
Bitcoin has a total coin supply set at 21 million, with around 19 million BTC already mined. Once that happens, there’ll be no more mining rewards.
Bitcoin Future Price
BTC is currently worth around $29,000, which is lower than its all-time crypto high of $68,789.63 in 2021. Despite that, the token has been showing signs of recovery for the previous two months. But figuring out Bitcoin’s price in the future is like looking at a crystal ball.
The experts’ forecasts vary significantly, with some putting BTC at around the same value by the end of the year, while others believe the token could reach at least $35,000. As for 2024, BTC could be worth anywhere from $35,000 to $64,000. More cautious experts believe that Bitcoin won’t exceed $50,000 by 2025, while some put it at a new record high, with the value going up to $100,000.
BTX to XMR: Swap Or Not?
Despite Bitcoin suffering a huge hit during the crypto crash, most experts believe it will only bounce back and become stronger in the future. Monero, on the other hand, is a specialized coin focusing on privacy and another token that’s been ranked highly for years. We suggest you combine the price predictions mentioned above with other details about the currencies and ensure you make an informed decision when deciding to go through with the trade!