Even well-seasoned traders put a great deal of time into researching the crypto of their choosing before making any financial operations with them. Knowing technicalities, investment potentials, and other worthwhile aspects is due for a successful exchange.
ETH to LSK is not an extremely popular pair, mostly because LSK is not a world-famous crypto compared to ETH. Yet, investors that have been on the market for quite a while know well how profitable underdogs may be. Let’s find out if that’s the case here.
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Swapping ETH to LSK: Things to Consider
You may approach exchanging ETH to LSK as you would do with XRP to TRX, BTC to BTT, or any other crypto pair. But before deepening into the technicalities, you should review factors to pay attention to when trading cryptos:
- Ethereum gas fees and transaction fees. Don’t forget that you should have some ETH in your wallet to conduct transactions via the Ethereum blockchain, as gas fees are payable in ETH only. Every exchange platform also takes a certain percentage of your deal to cover service expenses.
- Take into account the liquidity and slippage. LSK has low liquidity and may not be available in the required amounts at the time of exchange. Be aware of market conditions to not allow slippage above the reasonable percentage.
- Maintain best security practices. Always choose reliable exchange providers. Give priority to anonymous platforms since they do not gather any personal information that can be stolen. Don’t share your wallet’s log-in details with anyone.
The best policy is to have a reliable wallet and trusted exchange platform and not conduct transactions when there are shortages of the crypto you’re willing to buy.
What You Should Know About ETH
Ethereum is an open-source blockchain with a native coin — ETH. It was launched in 2015 and has gained some huge popularity since that time. Ethereum pioneered the concept of a smart contract public ledger. It grants users the possibility to fulfill agreements between parties without intermediaries.
Ethereum blockchain can host multiple crypto tokens. These are supported as per the ERC-20 compatibility standard. Besides, Ethereum enables developers to create NFTs and decentralized apps (dApps) on it.
ETH’s price, as of July 2022, is roughly $1,400, which is much lower than its all-time high of about $4,800 reached in November 2021. The current market capitalization of the coin is slightly lower than $170 billion.
The coin’s price had been on the decline in the period from April 2022 to July 2022. As of the end of July, it’s in the neutral market, and most investors expect it to get back on track shortly, in the best-case scenario.
What You Should Know About LSK
The project underwent soft forks in June and August 2019, and a hard fork in August 2021. Currently, the blockchain is undergoing its second-to-last phase of development, which includes protocol improvements.
LSK’s price, as of July 2022, is slightly more than $1, which is much lower than its all-time high of about $39 reached in Jan 2018. The current market capitalization of the coin equals slightly higher than $130 million.
The coin’s price declined since March 2022, when its price was nearly 3$ per coin. As of the end of July, it’s in the neutral market, and investors are waiting for the next price move to determine its current tendency.
Currently, both cryptos show some great investment potential. From a trader’s standpoint, although the coins are rather in the neutral market, LSK is more volatile than ETH, and under certain conditions, may be regarded as a better option.
ETH for LSK is not a regular crypto pair, and a great portion of exchange platforms may not support such an exchange. Yet, some trusted service providers on the web enable traders to get the most out of the ETH for LSK exchange.
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