Best Day Trading Crypto In 2024

Top cryptos for day trading

Bitcoin (BTC)

Since Bitcoin's average daily volume is usually in the billions of dollars, it offers plenty of liquidity and convenience of execution, making it one of the best cryptocurrencies to day trade. Even after more than a decade of existence, Bitcoin continues to exhibit a high degree of 30-day volatility, offering traders the chance to profit on swings in price. Its liquidity and accessibility on a variety of trading platforms are facilitated by its broad acceptance, broad market coverage, and robust community support.

Plus, traders can enter and leave positions quickly with little to no slippage on account of Bitcoin's strong liquidity. Bitcoin is a renowned and extensively traded cryptocurrency that provides traders with an assortment of day trading options.

Graph showing a 30-day period of Bitcoin price fluctuations. Adapted from CoinMarketcap

Attention: Bitcoin is the most “politicized” crypt, and reacts nervously to any force majeure and fundamental factors. Risk control during intraday trading must be strict!

Ethereum (ETH)

The second-largest cryptocurrency by market capitalization, Ethereum, has a number of features that make day trading with it advantageous. Ethereum offers plenty of liquidity because of its consistently high average daily trading volume, which allows traders to add and exit positions quickly without experiencing severe price slippage.

Although its 30-day volatility is higher than that of traditional assets, it can offer chances for short-term price swings that knowledgeable day traders can take advantage of. Ethereum's liquidity and trading possibilities are further enhanced by its broad use and usefulness in decentralized finance (DeFi) initiatives. Additionally, day traders can profit from Ethereum's price changes in a competitive environment due to its large market presence and vibrant trading ecosystem.

Graph showing a 30-day period of Ethereum price fluctuations. Adapted from CoinMarketCap

Solana (SOL)

Solana stands out as one of the best cryptos to day trade because of a number of significant factors. Solana's average daily trading volume is high, which guarantees sufficient liquidity and allows for quick trade execution. Because of its 30-day volatility, traders looking for price fluctuations in line with short-term methods have chances. Also, Solana's cheap costs and high transaction speeds make it more appealing to day traders and facilitate efficient and quick trades.

Furthermore, a variety of decentralized applications (dApps) and initiatives that provide a wide range of trading options are included in the Solana ecosystem. Its scalability and growing community further solidify its status as one of the best coins for day trading.

Graph showing a 30-day period of Solana price fluctuations. Adapted from CoinMarketCap

Fantom (FTM)

For day trading cryptocurrency, Fantom (FTM) is a great option because of a number of important aspects. First of all, a high average daily trading volume guarantees enough liquidity, allowing deals to be executed swiftly and efficiently, reducing slippage, and maximising earnings. In addition, the coin's 30-day volatility gives traders plenty of chances for profitable short-term moves, allowing them to profit quickly from price swings.

Fantom's efficiency is characterised by fast transactions and minimal costs, which makes it appealing to day traders looking for cost-effective execution. Fantom's benefits stem from its cutting-edge technology, which draws in traders looking for rapid returns and boasts swift transaction speeds and cheap fees.

Graph showing a 30-day period of Fantom price fluctuations. Adapted from CoinMarketCap

Dogecoin (DOGE)

Dogecoin is a compelling option for day trading because of its strong performance indicators. Dogecoin's consistently high average daily trading volume provides enough liquidity, allowing trades to be executed almost instantly. Its 30-day volatility provides day traders with numerous opportunities to take advantage of price movements for short durations, which boosts potential earnings.

Furthermore, Dogecoin's vast appeal and active community add to its market resiliency, making it a desirable option for day traders looking for dynamic market circumstances. Furthermore, the comparatively low price per coin allows traders with little money to participate successfully in the market, making it more appealing for day trading techniques.

Graph showing a 30-day period of Dogecoin price fluctuations. Adapted from CoinMarketCap

Best crypto exchanges for day trading

1

9.4/10

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Minimum deposit:

$1

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The Binance exchange is one of the largest cryptocurrency exchanges in the world with its headquarters in Hong Kong. According to the CoinMarketCap cryptocurrency portal, Binance holds the top spot in terms of aggregate indicators of the platform's daily turnover, the number of novices and active users, liquidity, and web traffic (ranking, queries, statistics in search engines, etc.). The exchange is also a cryptocurrency startup that has its own “native asset” used in the Binance ecosystem as the “basis gas” (payment internal unit). More about Binance Card

Pros/Cons

•low commissions due to liquidity and trading volumes.

•high platform performance;

•proprietary BNB Coin which allows Binance to reduce the commission size;

•a proprietary cold wallet guarantees the security of your crypto assets by storing them.

•complex verification procedure;

•the exchange is not licensed by a regulator;

•The platform can go offline without warning;

•there are complaints about the technical functionality of the platform;

•there is an intricate mechanism for calculating commissions and rewards (grid system Maker/Taker).

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2

9.2/10

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Minimum deposit:

₮1

Review

The BitGet crypto exchange provides traders with the opportunity to trade in spot, futures, and cryptocurrency. Cryptocurrency is used exclusively as instruments at the exchange: BTC (₿), LTC (Ł) ETH (Ξ), USDT (₮) and others. Trades are carried out on the crypto exchange’s own platform, which is available as a web terminal and an application for mobile devices. BitGet's fees are lower than its competitors in the market, with maker fees of 0.02% and takers of 0.06%. The commission can also be paid with bonus funds that each BitGet client receives upon registration, verification, and a trading account replenishment. There are no fees for maintaining an account, but a commission is charged upon withdrawal, the amount of which depends on the cryptocurrency in which the withdrawal is made. For investors, BitGet offers its own service for copying trades, and it is available at the exchange and at an affiliate program. Novice traders can use demo accounts to hone their trading skills, but there are no educational materials on the website. The BitGet cryptocurrency exchange provides services on an international level and cooperates with traders from different countries.

Pros/Cons

•availability of demo accounts;

•convenient ways to contact the support service;

•a wide range of cryptocurrencies for account replenishment;

•service of copying trades for receiving passive income;

•ability to reduce commissions using credits earned in the bonus program;

•ability to engage in algorithmic trading;

•the exchange uses hot and cold cryptocurrency wallets to store client funds.

•Deposits and withdrawals in fiat currencies are not available.

•There are no educational materials for novice traders on the exchange website.

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Cryptocurrency predictions for successful day trading

Numerous factors that can affect prices and market conditions have an impact on the cryptocurrency markets. Among these are:

1. Market News: Events in the news that have a substantial impact on cryptocurrency values include partnerships, technological advancements, adoption by big businesses, regulatory announcements, and security breaches.

2. Regulatory Developments: Worldwide regulatory agencies and governments have the power to influence cryptocurrency values through their pronouncements and actions. Trade, tax, and legal regulations can have an impact on investor confidence and market mood.

3. Market Sentiment: A key factor influencing fluctuations in cryptocurrency prices is market sentiment, which is defined as investors' general perspective or emotion on the market. Price hikes and buying pressure might result from positive sentiment.

4. Investor Behaviour: Buying and selling patterns, trading volumes, and market psychology can all have an impact on Bitcoin values. FOMO (fear of missing out), FUD (fear, uncertainty, and doubt), and the herd mentality can all influence market patterns and price movements.

Traders Union offers both short-term and long-term forecasts for cryptocurrencies, compiled through a combination of technical analysis, fundamental analysis, and market research. Short-term forecasts focus on near-term price movements based on technical indicators, chart patterns, and market sentiment.

Long-term forecasts consider fundamental factors such as project fundamentals, adoption potential, and industry trends to predict price trends over longer time horizons. Traders Union's forecasts aim to provide traders and investors with valuable insights to make informed decisions in the cryptocurrency markets.

Best crypto exchanges for day trading

A variety of features designed to satisfy the demands of frequent traders are available on the best crypto exchanges for day trading. Important attributes that are valuable for day traders consist of:

1. Strong Liquidity: Trades can be entered and exited without severe price slippage on exchanges with high liquidity. This is essential for carrying out trades quickly and at the appropriate pricing points.

2. Advanced Trading Tools: Seek out exchanges that offer technical indicators, charting software, and order types like take-profit and stop-loss orders. These resources enable day traders to carry out in-depth research and carry out deals with efficiency.

3. Low Trading Fees: Day traders need to trade as inexpensively as possible, so search for exchanges with reasonable charge schedules.

4. Margin Trading and Futures Contracts: Exchanges that offer margin trading and futures contracts provide additional opportunities for day traders to amplify their returns by trading with leverage.

5. Wide Variety of Coins Supported: Choose exchanges that provide support for a wide variety of cryptocurrencies, including well-known ones like Ethereum and Bitcoin as well as altcoins with active trading.

6. Robust Security Measures: When trading on exchanges, security is crucial. Give preference to platforms that have strong security features like two-factor authentication (2FA), cold storage for assets, and frequent security audits.

7. Responsive and professional Customer Care: To quickly resolve any problems or questions, use exchanges that provide responsive customer care.

How to choose the best crypto to day trade

To have the highest gains while reducing risks, selecting the best cryptocurrency for day trading necessitates careful evaluation of a number of criteria. If you're new to day trading, you may want to think about the following guidelines before you trade:

1. Volatility: Seek out cryptocurrencies with enough volatility to profit from quick changes in price. More trading opportunities are frequently presented by more volatility, but this comes with a larger risk.

2. Trading Volume: Choose cryptocurrencies with high trading volumes since they have greater liquidity and allow trades to be executed smoothly with little to no slippage. Increased trade volume is another sign of engaged and active market participants.

3. News and Events: Keep abreast of market developments and news pertaining to cryptocurrencies, as they have a big influence on pricing. Prices may rise in response to good news or developments, while they may fall sharply in response to bad news.

4. Technical Analysis: Acquire and employ the skills of technical analysis to recognise patterns, levels of support and resistance, and points of entrance and exit. Use technical indicators to guide your trading selections, such as MACD, RSI, and moving averages.

5. Risk Management: Safeguard your funds from significant losses by establishing explicit risk management guidelines, such as stop-loss orders and position sizing.

6. Research: Learn everything you can about the cryptocurrencies you plan to trade, taking into account their development team, underlying technology, use case, and level of competition.

7. Practice and Learn: Gain expertise by practicing with a demo account. Also, read books, use the internet, and enroll in reliable trading courses.

How to day trade crypto

During a single trading day, day traders in cryptocurrency execute quick trades in an attempt to get an edge on price changes. The following are a few typical day trading approaches applied in the Bitcoin markets:

1. Copy Trading:
   Copy trading is the mechanical replication of the deals made by profitable traders or trading algorithms. Traders have two options: they can copy the trades of experienced investors themselves or use. social trading platforms.

2. Scalping:
   Scalping is a high-frequency trading technique where traders try to quickly enter and leave positions in order to profit from little price swings. Throughout the day, traders usually execute a large number of trades in an attempt to profit from slight price differences.

3. Range Trading:
   Range trading is the process used to identify price ranges in which the price of a cryptocurrency typically oscillates between levels of support and resistance. Traders try to profit from price movements that stay within the defined range by buying at support levels and selling at resistance levels.

4. High-frequency trading (HFT):
   HFT is the practice of executing numerous deals in a matter of milliseconds by means of computerised trading algorithms. HFT uses quickness, complex algorithms, and low-latency connections to take advantage of arbitrage possibilities and market inefficiencies.

5. Arbitrage:
   This strategy entails taking advantage of variations in a cryptocurrency's price on several markets or exchanges. To profit from the price difference, traders purchase on the exchange with the lowest price and sell on the exchange with the highest price.

To be successful, each of these day trading methods needs to be well thought out, executed, and risk managed.

Tips for successful day trading

1. Create a Trading Strategy: Before entering the market, make sure you have a well-defined trading strategy that outlines your objectives, risk tolerance, entry and exit points, and position sizing.

2. Put Risk Management into Practice: Put risk management first by limiting possible losses on each trade by putting stop-loss orders in place.

3. Remain Informed: Keep yourself informed about events, trends, and news in the market that could affect the cryptocurrencies you trade.

4. Apply Technical Analysis: To find possible entry and exit points, trends, and levels of support and resistance, apply technical analysis tools and indicators. Fibonacci retracements, RSI, MACD, and moving averages are examples of common technical indicators.

5. Exercise Discipline and Patience: Remain disciplined and avoid making snap decisions when trading by adhering to your trading plan.