This is no financial advise and I am no financial advisor. Do your own research and invest wisely.
And is currently on a bull run with the price at the time of writing this article is at $775.39
Where as ADA is at $2.83
*Fiat prices are referred fron CoinGecko
Cardano after seeing a monumental bull run in the last week is slowly falling in price from all the concurrency issue and all the FUD currently in the market.
But it has its believers who are still positive about its future in the long run.
Converting or swapping crypto is not a new concept but is a bit different from trading as you aren't spaculating on the price but exchange from wallet to wallet in order to keep and/ir use the converted crypto.
Of some of the BCH I hold with me or get from read.cash, I move around and use for different things as an active member of CryptoVerse. Be it NFTs or staking.
I have in the past swapped some of my BCH to ADA and keeping that staked for small incentives.
I always keep BCH as my largest holding, at the bare minimum of about 50% portion of the portfolio.
A few weeks ago the price of ADA suddenly shot up and it became 3rd largest Crypto by market cap. From about $1.30 to over $3 the price saw a massive uptick.
At present price it doesn't seem like the drop is price is anything concerning, however looks can be deceiving. The prices we see are in fiat terms and while rest of the major Crypto is raising ADA is falling.
Here is the swap prices for month of August
0.039 BCH =
2 aug - 15.29 ADA
24 aug 20:24 - 8.79 ADA
26 aug 7:12 - 8.68 ADA
26 aug 22:05 - 8.85 ADA
27 aug 23:38 - 8.00 ADA
28 aug 20:45 - 8.20 ADA
29 aug 6:34 - 8.64 ADA
29 aug 16:49 - 8.53 ADA
30 aug 15:00 - 8.41 ADA
5 sept 9:29 - 8.96 ADA
6 sept 12:39 - 9.87 ADA
6 sept 13:39 - 9.90 ADA
6 sept 16:30 - 10.17 ADA
6 sept 20:37 - 10.18 ADA
6 sept 23:21 - 10.21 ADA
At time of writing - 10.15 ADA
*The swap rates are observed for manual check from simpleswap.io
The baseline is taken at 0.039 BCH and the responding ADA that will be swapped are observed.
This baseline is taken because this was the minimum amount for swap at the time of first swap.
A clear dip can be observed when comparing the swap rates.
While it is advisable to do your own research, what I will be doing is to swap 0.039 BCH as the swap rate keeps falling and will stop in case it falls below 20 ADA for 0.039 BCH, at that rate it would be too risky.
I will be using the swapped ADA only for staking.
Moreover at the very max in am only going to swap about 10% of my BCH.
Perhaps more than ADA but I want to stake them and in case it becomes a thing then spend that ADA to do something with NFTs on the Cardano blockchain.
I have no plans to change to Crypto to fiat currency for a foreseeable future.