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Should You Trade Your XTZ to BTC in 2022?
Some analysts are already comparing the early days of 2022 to the largest cryptocurrency market crash. Bitcoin price briefly dropped to almost $ 39,000. The decline in the price of Bitcoin has affected the exchange rate of almost all cryptocurrencies and this is what to expect in tech in 2022.
However, many analysts agree that Bitcoin is forming a double bottom, a bullish reversal pattern with a target of around $ 100K. The most optimistic forecasts suggest that BITCOIN can reach this mark during the first half of the year and test the $ 200,000 mark within a year.
In light of such optimistic expectations, many market participants see the current situation as a possible entry point and a suitable moment for the exchange of XTZ to BTC.
What is Tezos
The Tezos decentralized network was created from scratch. It is a standalone blockchain designed to host decentralized applications and smart contracts. The blockchain architecture initially took into account the mistakes of its predecessors, in particular, the complexity of implementing updates.
First-generation blockchain updates were implemented as hard forks. At the dawn of the cryptocurrency market, this was not critical for major projects. In the face of increasing competition, the hard fork of a relatively little-known cryptocurrency and the inevitable split of the community can seriously slow down the further development of the project and threaten its existence.
The Tezos blockchain architecture consists of three functional modules, each of which can be improved independently of the others.
The network has its own coin, Tezos (XTZ). The coin is used for settlements within the system, to pay remuneration for participating in ensuring the security of the network. Like any other cryptocurrency, XTZ can be used for speculative trading and long-term investment.
The coin has existed since 2014 and is in the TOP 20 largest cryptocurrencies by market capitalization. XTZ’s starting price was $ 0.47. The coin reached an all-time high of $ 12.19 against the background of a general rapid growth in the market at the beginning of 2018, but was unable to hold its position.
As of this writing, XTZ is trading at a level close to $ 4.
Some analysts believe that XTZ may reach a new all-time high within a year and do not rule out that the coin will trade just above $ 15. The hypothetical possibility of 350% growth looks quite attractive, but the achievement of the goal depends on the general market trends.
Before making the final decision on reallocating your assets, be sure to do your own market research. Cryptocurrencies are very volatile and it is extremely difficult to predict their behavior.
Where to change XTZ to BTC
Among the most famous platforms where XTZ is traded, it is worth mentioning Bitfinex, Huobi Global, Binance, Kraken, Coinbase Pro.
Classic trading platforms are adapted for system trading. The functionality of the exchange becomes available after registration and account verification. Not all users are satisfied with this, however, compliance with KYC and AML is necessary for the exchange to function in the legal field. In addition to the lack of anonymity of traditional sites, it is worth considering the size of the commissions that the exchange charges.
Crypto exchange platform Letsexchange is a great alternative to traditional platforms. You don’t have to create an account to exchange cryptocurrency for cryptocurrency. The platform works without commissions and any restrictions on the amount and number of transactions.
You just select the trading pair you need in the exchange widget, enter the amount of the transaction and the wallet address. The search for the most profitable deal, exchange, and crediting of coins to the wallet is performed automatically.