Is it a good time to trade BNT to ETH? This is a question that has been making rounds on popular crypto trading forums, and you are probably looking for some insights.
To help you make a decision on whether to exchange your Bancor tokens for Ethereum, here is a quick overview of the two coins, their market share, recent performances, and future price actions.
So, what is BNT, and why should it be of interest to you?
Overview of BNT
Following several hackathons, extensive research, a published whitepaper, and one of the largest crowdsale ever, the Bancor Platform made its debut in the crypto world in 2016.
The platform focused on facilitating liquidity in the crypto world by incentivizing holding liquid tokens in the Bancor network’s pools. Thus, users get BNT tokens, which they can trade for other coins.
The idea is to encourage people not to hold their tokens but instead keep them in the market by storing them in pools backed by the BNT token to help preserve the ratio of the supply of your coins to the supply reserves.
Predictions for BNT
Thanks to BNT’s different model, it appealed to a niche audience quickly hitting highs of $10 within a year of its debut into the market. While that number has since settled to a more stable $0.5 per token, the coin has a decent market share of $117 million.
While the BNT price fall is in tandem wiith the rest of the cryptomarket, forecasts are showing light at the end of the tunnel, especially for BNT in the current bearish market. According to GovCapital, BNT is likely to regain to about $3 by the end of the year and will hit highs of $20 within 5 years.
This price prediction is constant with the forecast index of other trusted sources, which only indicates that experts agree that BNT is a good choice for a long-term investment, not so much for a short-term one, as the market will need more time to self-adjust after the recent price fall.
Overview of ETH
Ethereum’s core product has been providing a platform for users to build decentralized applications on a smart contract basis.
ETH is the token using which people can conduct financial transactions both within the Ethereum network or exchange it for other coins. The platform is a result of Vitalik Buterin and Gavin Wood work, and since its debut in 2015, it has been constantly taunted to overtake BTC because of its wide array of applications.
Predictions for ETH
ETH needed very little time to pick up pace in the crypto market, peaking in 2018 at $1,400 three years after its debut. ETH has a total market cap of $203.5B as of July 2022, which places it only second to BTC.
Currently, ETH’s price is $1,670, which is indicative of the current bearish nature of its market, but the experts are banking on ETH to bounce back. As per DigitalCoinPrice’s forecasts, ETH will close the year at around $2,000, and in five years, it will back up to about $3,300.
Should You Consider Trading ETH for BNT?
If you want to swap ETH to BNT, there is no better time to make the trade than now. As per the forecasted numbers, ETH will gain over 100% of its current market value in 5 years, while ~3,000 BNT tokens exchanged from one ETH token will gain 3,900% of its current market value in the next 5 years.
The numbers don’t deviate much on short-term investments either. This means that if all factors remain constant and the two coins enter into a bullish mode for the next 5 years (as has been predicted by the experts), it makes much more sense to exchange ETH for BNT now, using an anonymous crypto exchange service, such as Godex.
However, it is important to keep in mind that the predictions are not always 100% correct. Still, the sources cited are reputable and with a proven predicting model, which continues to shape the cryptocurrency world.
