The cryptocurrency sector is booming and has gone through many ups and downs and the crypto enthusiasts or the traders have ways to earn innumerable profit in this sector. One definite way of making a profit in the less stipulated time is by “day trading”. After reading this, you will be able to understand how to pick your crypto for day trading. Before going into the intricacies of day trading, let’s understand the different types of cryptocurrency traders:
Let’s not digress and move directly to day trading. There are several factors based on which the top cryptocurrencies are decided for day trading. Here are the list of factors that can be included while determining day trading crypto strategies:
By trading volume, you can understand the popularity of particular crypto, and the amount of activity that happens around that coin or token. A cryptocurrency must have considerable volume for day trading. A good trading volume is an indication of a healthy investment. Cryptocurrency trading volume is determined by the number of trades. The higher the number of trades, the better the volume.
Volatility refers to the price fluctuation, that is predominant in the cryptocurrency market which means the digital asset can be either a success or a failure for the trader. For day trading, one should choose a cryptocurrency with upward price volatility so that you can make a profit as and when it spikes. It is not unusual for a coin price to fluctuate by 10-50% in a day.
You must remember that the crypto you choose must be supported by the reputable exchanges. Mostly the day traders store their asset in cryptocurrency exchanges which is quite risky, so the security is high. You must look out for the number of coins listed on the exchange along with transparency and transaction fees.
News can affect any industry and if it's good, the prices might rise and vice versa. Cryptocurrency industry is sensitive to negative news as it is not regulated, unlike fiat currencies. Popularity and impressions play an important role in the cryptocurrency industry as its being managed by people all across the world.
For any crypto project success, you must see how active the team is! The more they are active, the more prompt they can be in answering your queries. A strong and active team is helpful as they send regular updates regarding the particular token or coin.
Binance Coin (BNB) is the popular crypto of the most popular crypt exchange, Binance, which was Ethereum based but recently BNB released its mainnet coin. The users deploy BNB tokens to pay the fees levied by the exchange for using the services. The fees generally include exchange fees, trading fees, and listing fees. BNB is chosen by most of the day traders because of its growing demand and popularity.It has been enlisted by all the popular exchanges and wallet partners and also considered as one of the best crypto to day trade.
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Ethereum is the second largest cryptocurrency in the world, with fairly high volatility. Because of its smart contract application and decentralization, its use cases are growing significantly. For the day traders, a good amount of volatility provides for a great opportunity to profit, within a short span of time. The best part is that you can make money anytime irrespective of the fact that the ETH price is going up or down.Plus, it is available in almost all the exchanges.
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EOS has developed exponentially in terms of raising billions of dollars. Its price skyrocketed multiple times creating a high level of volatility. A day trader can make huge profit taking this volatility into an advantage. EOS is also one of the top cryptocurrencies of all time, with active team support and is also available in most of the exchanges across the world. EOS can be considered as one of the best cryptocurrencies for day trading.
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Tron has a very active community, even the co-founder Justin Sun is pretty active over media and crypto pages. Tron is mostly in the news for positive news and developments. All these factors plus high volatility can make Tron one of the most favorable cryptocurrencies for a regular day trader. Popular crypto exchanges support Tron, too. This is one of the best cryptocurrencies for intraday trading.
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TrueUSD is a stable coin, which can be bought and sold on the same day itself, as its value is bound to fluctuate by several cents. You can buy TUSD to trade other cryptocurrencies, so as to not incur losses. TrueUSD is gaining more attention nowadays after the Tether and Bitfinex scam happened a few days back. True USD makes one of the most viable options for the day traders.
Click here to trade TUSD
*This trading data is collected from various sources. This should not be considered as an investing parameter and the user should do their own research before investing.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!
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