US Taxes on exchanging different cryptos?

Do you have to pay taxes if you exchange one cryptocurrency for another? Let's say I use crypto X to buy crypto Y directly on an exchange. Do I have to convert the amount of X I used into fiat for my records and realize any gain/loss on crypto X which would be taxed as capital gains?

Would this be the case if you were to use a mainstream crypto like btc/eth/ltc to buy less mainstream cryptos each and every time?

Thanks in advance!

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