Bitcoin is picking up the pace and is reaching price levels we haven’t seen for more than 18 months. This price rally was to be expected, as BTC is strengthening its narrative following the collapse of major US and European banks. After all, the original crypto was created for such particular events, to provide a store of value when fiat currencies and financial institutions fail.
But is it worth converting BTC to XMR at this point? Does Monero have more upside potential than Bitcoin in the following months? We will try to answer these questions by analyzing both of these assets’ fundamentals. Moreover, we will provide some price predictions from reputable sources to help you make an informed decision.
Latest Updates on BTC
So, why is the #1 crypto rallying so strongly, although the macroeconomic signals remain negative? After the failure of major banks like Silicon Valley Bank and Credit Suisse, we’ve seen a huge influx of institutional and retail money into Bitcoin.
Bitcoin’s deflationary and store-of-value narrative is finally pushing investors to find a safe haven in this asset. With more bank failings and hyperinflation looming, BTC seems like the logical answer.
Bitcoin’s limited supply of 21 million coins, of which 19,332,656 are already in circulation, plays in its favor in the current economic environment. Users wish to retain control of their finances instead of letting banks manage their funds and ultimately fail them.
XMR Review
Monero is the leader in the privacy coin sector, allowing users to retain full anonymity when transacting on the blockchain. While some consider XMR to be a cryptocurrency for criminals, this is far from the truth. Monero has found a niche community that requires their financial transactions to remain private.
The coin uses a technology called RingCTs, which uses transactions from multiple users to provide outputs on the ledger. This way, the addresses of the sender and receiver remain obfuscated, as well as the amounts exchanged.
This particular use case for Monero has allowed this cryptocurrency to decorrelate from the rest of the market, specifically from Bitcoin. This allows investors to use it as a hedge against volatility when price action becomes erratic. Consequently, comparing BTC to XMR is much more difficult than FIL vs STORJ, for instance: https://godex.io/versus/fil-vs-storj.
BTC and XMR: Future Value
To have a better view of the future price action of both BTC and XMR, we analyzed some forecasts from web analysts. For reference, BTC is currently trading at $28,000 and XMR at $155.
BTC Price Prediction
Priceprediction.net gives very bullish views of the original crypto. The short term is a bit conservative — as for 2023, the website expects BTC to reach $34,916.12. However, on the longer timeframe, the targets are more enthusiastic: $81,436.33 for 2025 and as high as $555,511.36 for 2030!
Digitalcoinprice.com has opposite views for BTC. Their short-term prediction for 2023 is higher, with a target of $61,558.02. However, long-term forecasts are timider, with price levels of $101,768.32 for 2025 and $292,457.77 for 2030.
XMR Price Forecast
Usually, analysts expect less volatility from XMR. Priceprediction.net provides a target of $236.27 for 2023. For 2025, we should expect the coin to reach $497.68 and $3,136.56 in 2030.
Digitalcoinprice.com follows the same pattern, providing a 2023 target of $339.02. The website expects XMR to reach $562.24 in 2025 and $1,625.24 in 2030.
Time to Exchange BTC to XMR
Exchanging BTC for XMR should be done with a purpose — rendering your crypto financial transactions private. If you are planning to use XMR to store value anonymously, there’s no better solution currently. However, if you are looking for upside potential, some other altcoins could bring more profits in the short term.
That said, having both Monero and Bitcoin in your portfolio is probably the best solution. It will allow you to remain exposed to these assets in case they decorrelate completely, providing more profit opportunities
