We all know how trading works. Whatever cryptocurrency you buy at a certain price, you essentially sell it for more than that price to make a profit. Day trading can be considered as short-term trading where you hold the asset only for a few hours before selling it.
Day trading is definitely one of the best ways to make a profit in a shorter time-frame. Here is a list of factors based on which we have decided the top 5 cryptocurrencies for day trading:
- Cryptocurrency Exchanges
- Active team
- Recent news
Okay, let’s move to the top 5 list of cryptocurrencies that are best suited for day trading.
1. Ethereum (ETH)
Being the second-largest cryptocurrency in the world, Ethereum secures its position at the top of this list. Ethereum has high volatility and its use cases are increasing day by day because of its smart contract application and decentralization. For day traders, higher the volatility implies higher is the profit gained within a short span of time. Here is the fun part, you can make money anytime even if the price of ETH is going up or down. And ETH is available in almost all the exchanges out there. The current market cap of ETH is around $20,073,274,846.
2. Binance Coin (BNB)
Binance was based on Ethereum but just recently BNB released its own main net coin by the name Binance coin. BNB is becoming the center of attraction for most of the day traders because of its rising demand and popularity. The users deploy BNB tokens to pay the fee charged by the exchange for using their services. More often than not, the fee charged by the exchange includes trading fees, exchange fees, and listening fees. The current market cap of the Binance coin is around $3,097,722,462.
3. Tron (TRX)
Tron lately has been receiving a lot of positive news and partnerships in the press. It has a very active community plus it is quite volatile. All the factors make TRON one of the best cryptocurrency for day trading. There is nothing to worry about in terms of exchanges as Tron gets the support of most popular crypto exchanges. TRX holds a market cap of $1,265,199,956.
Along with active team support, EOS is easily one of the top cryptocurrencies in the world. EOS created a high level of volatility by skyrocketing its price multiple times. Day traders use this volatility as an advantage to make a profit. EOS is available in most of the exchanges present across the world. EOS has a market cap of around $3,257,592,404.
5. TrueUSD (TUSD)
TUSD is a stable coin. You can buy and sell TUSD on the same day as its value fluctuates by several cents. TUSD has been gaining enough attention lately, especially since the Tether and Bitfinex scam. Moreover, TUSD can be used to trade other cryptocurrencies, so as not to experience losses. All of these make TrueUSD a viable option for day trading. TUSD holds a market cap of $173,953,381.
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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