Bitcoin is one of the most popular cryptocurrencies. Every investor should have a solid holding of BTC in their crypto portfolio. It has become even more popular in the recent crypto market turmoil, as it is holding value better than altcoins. So, is it time to buy even more? Here we’ll investigate if ZEC to BTC is a profitable trade to make in 2022.
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What Do We Know About Bitcoin?
Bitcoin is the core of the cryptocurrency market. Many tokens have come and gone, and many more have claimed to be “Bitcoin Killers.” However, Bitcoin is still king of crypto, with over 40% of the total crypto market capitalization as of July 2022. This market dominance has one main reason: Bitcoin has by far the best brand name in the crypto market. It has built a proven track record over 14 years in operation. Its blockchain has never been hacked, it has never come under a 50% attack, and it has never lost its #1 rank in the market. It’s the closest thing that crypto has to stability in a wild market. No other token can compete with Bitcoin’s dominance.
BTC Price History and Forecast
The BTC price moves in cycles that last a few years each. The “bubble” period was marked by rising prices, enthusiasm, and new buyers entering the market. Excitement was high, and the crypto networks and companies simply tried not to crash under the weight of the demand. This was when BTC hit $65K in 2021. Then, this period ended, and the price of BTC dropped by around 60-80%, like it has recently. This is the crypto winter phase, and we can expect it to last for at least a year, maybe more. We can see this in the price forecasts for the next couple of years. Many see the price rising above current levels, but the average doesn’t see Bitcoin recovering above $65K by 2024.
What Is ZCash and How Does It Work?
The ZCash blockchain is a hard fork of the Bitcoin blockchain. That means it shares many of its characteristics, such as its proof-of-work consensus algorithm. But, ZCash was built to be an anonymous cryptocurrency. Its digital signature technology builds on Bitcoin’s. It allows a transaction to be verified on a distributed ledger, without revealing the sender’s or receiver’s address, or how much they are transacting. This feature has led to ZEC being a favorite currency of those that want to keep their identity and crypto address completely private when transacting.
ZEC Price History and Forecast
The ZEC price has followed a similar trajectory to BTC in the past year. It spiked to $276 in November 2021, then crashed to under $60 six months later in 2022. However, this price crash is greater than the BTC price drop. This is because there has been a rush to BTC’s “safety” in the crypto market as it has been falling and entering winter. Here are some expert predictions for the ZEC price for the next few years:
We can see that the average price rise in ZEC is forecasted to be roughly in line with the rises in BTC.
Best Exchange Platforms to Swap ZEC to BTC
Here are the top destinations to exchange ZEC to BTC. They have a good combination of anonymous transactions, good fees and exchange rates, and a solid safety track record:
During the forecasted crypto winter we are entering now, BTC is likely to be the most stable cryptocurrency. It’s also likely to survive the next round of innovations that will move forward during this period. So, unless you have a specific use case for anonymous transactions using ZEC, then swapping some for BTC is a good idea. When the crypto cycle moves back into an upward phase, it will become more obvious which altcoins will have an advantage. Having a stock of BTC at this stage will be essential for profitable investing.