In this article, we will look at the latest updates from Bitcoin and Ethereum, as well as tell you whether you should make a BTC to ETH exchange right now.
BTC to ETH Swap: Choosing the Right Time for Exchange
From trading derivatives to exchanging tokens, the cryptocurrency market has opened multiple avenues for investors to earn profits. Bitcoin and Ethereum have been the driving force in the crypto market over the last decade, with evolving use cases currently driving Web 3.0.
This article highlights what’s new with both coins and whether converting your BTC to ETH might be profitable.
What’s New in Bitcoin
Bitcoin has been at the forefront of the strong crypto recovery in late 2023 after inflation that came after the 2020 economic crisis. Bitcoin continues to show incredible stability in early 2024. This is due to the spot ETF application filed by Blackrock in mid-2023. When the SEC approves the spot ETF, access to BTC by retail investors will be seamless. This will likely grow the Bitcoin ETF market to over $100 billion.
Companies have already filed registrations to list spot Bitcoin ETFs on various exchanges.
Besides, Bitcoin’s halving event, scheduled for 2024, will likely play a huge role in the current crypto market boom cycle. Post-halving, the value of BTC is likely to skyrocket as mining will become more difficult and mining rewards will be reduced.
BTC Price Prediction
Bitcoin’s price has been bullish since early October 2023, when it sped past the $26,000 mark. As of this writing, BTC is exchanging at about $45,000 at godex.io, Binance, and other platforms. Coinmarketcap shows that BTC has a market cap exceeding $800 billion.
Experts expect this rallying trend to go on in 2024, with BTC hitting $60,000 by mid-2024 and reaching a maximum of $72,500 by the end of the year. This surge in price is fueled by the approval of the Spot Bitcoin ETF Ad, WisdomTree’s, and Valkyrie's amended S-1 forms.
Fast forward to 2025 through 2027, forecasts and technical analysis show that you’ll be exchanging BTC at a minimum of $131,245. The coin will hit a maximum price of $226,254 by the end of 2027. Experts forecast this price to rise to over $600,000 by the end of 2030.
Ethereum Latest Updates
Like Bitcoin, Ethereum expects major multiphased updates in 2024 — from Merge and Shard Chains and Beacon Chain to other infrastructure modifications. Recently, Vitalik Buterin proposed simplifying the current Ethereum’s Proof of Stake mechanism by increasing the minimum ETH required for staking. The move will help improve the network’s security and scalability.
With Ethereum completing its transition to PoS and the advancement of layer 2 solutions, the network is poised for future dominance. Ethereum layer 2 will help solve the network’s scalability problem by allowing transactions to be carried out off the main chain. We are already seeing an increase in the adoption and usage of layer 2 chains such as Arbitrum and Optimism as more users bypass Ethereum’s main chain.
ETH Price Forecast
ETH is ranked no. 2 after BTC in the crypto market, currently trading at $2,250 as of this writing. Considered the holy grail of smart contracts, ETH has also been bullish over the last year as it has benefited from the upcoming Bitcoin halving event as well as the huge ETF approval expected in 2024.
Expert technical analysis reveals that the recent upward price movement will likely reach over $3,000 before the end of 2024. Moreover, as the network improves its PoS consensus mechanism and transaction speeds, we could see its use cases grow, increasing its adoption by 2026. Price forecasts show it could hit an all-time high of $4,925 by the end of 2025 before rallying to a maximum of $6,610 in 2026.
Conversely, with Ethereum becoming a full-time base for NFTs used in metaverse projects and blockchain gaming, ETH’s price will likely average at $10,757 by 2027. Technical analysis of the past decade's ETH data shows that the coin’s price will reach a maximum of over $15,479 by the end of 2028 before averaging about $31,737 in 2030.
BTC to ETH Exchange: Trading Perspective
Price predictions show that the recent bullish run by Bitcoin and Ethereum is here to stay. While BTC is more established with a larger market cap, exchanging it for ETH in the short term provides the potential for high rewards. The past few weeks have seen the ETH price show a remarkable jump, with increases between 6% and 16%, making it an ideal time to trade it with BTC and other altcoins.
