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The best cryptocurrencies for day trading

26 Mar, 2020 6 min read Martin Petkov
Best cryptocurrencies for day trading

Day trading is a viral strategy on the cryptocurrency market because of its high volatility. Many people earn tens of thousands of dollars through day trading. However, you can't just enter the market on the spot; you have to analyse many factors and choose the best cryptocurrency to day trade. This brings us to the question: what assets are the most suitable for this strategy today?

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What is day crypto trading?

First, you have to understand what trading means. Trading is about exchanging one item for another. Hence, cryptocurrency trading means exchanging assets. The aim is to sell an asset for a higher value than it was purchased for.

Day trading is a strategy that includes opening and closing positions several times during a single trading day. The main feature of day trading is that the trader closes all positions at the end of a given day. Traders have to consider many factors when operating if they don't want to lose their entire budget.

Cryptocurrency day trading might be one of the best ways to make a fast profit.

If you want to earn a lot, you have to close many positions during the day. One of this strategy's benefits is that even long-term investors can use it to double their assets.

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Factors for selecting cryptocurrencies for day trading

Day trading isn't always profitable. Some trades will be loss-makers. This happens because of different factors, like price manipulations, your own mistakes and probability theory. That being said, you can increase your chances of making a good profit and minimise risks. How? You have to analyse the following market influencers:

  1. Volatility
  2. Volume
  3. Exchange platforms
  4. Liquidity
  5. An active development team
  6. Recent news

Cryptocurrency traders review these factors every day because doing so is the only way to gain as much profit as possible. You won't be successful without conducting an in-depth analysis.


Trading volume is one of the essential cryptocurrency metrics. Firstly, it helps identify the asset's future trend. Moreover, you can track its performance in the last 24 hours, 7 days or a month. A trader can determine if the changes in its price are an aberration or the norm. For instance, if an asset usually has little volume, heavy trading in the last 24 hours might indicate good support that the cost may rise.

The most popular coins have the biggest volume. According to Coinmarketcap, Tether has the highest trading volume at around $54 billion every day, followed by Bitcoin with $40 billion and Ethereum with $20 billion. The extended list often changes, because the gap in trading volume is tiny. Litecoin, EOS, Bitcoin Cash, Tron and some other cryptocurrencies have a daily trading volume of $3-5 billion.


Volatility is an indicator that shows the dispersion of cryptocurrency values. The asset is volatile if its price changes strongly up and down during the day. For instance, gold and bonds are stable because their values don't change very often, while cryptocurrency is the most volatile asset in the world.

Crypto for day trading
Volatility explained

The main benefit of knowing volatility is to show the risks of trading. A highly volatile asset is accompanied by high stakes but makes it possible to attain a sizeable profit. On the other hand, a cryptocurrency with low volatility guarantees earnings, but your profit will be minimal.

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Check out the volume on different exchanges. Many platforms are geographically focused. For instance, Kraken is a primarily European exchange, whereas Huobi is oriented to the Asian market. To have fewer difficulties with day trading, it's better to choose platforms that operate globally, such as StormGain.

Reputable exchanges recognise cryptocurrencies for day trading. If an asset isn't listed on different platforms, you'll have fewer opportunities to open and close many positions in a short period.


Liquidity is the ability of an asset to be sold for fiat or other cryptocurrencies. This is very important for every trader to be able to open and close every position in a short period.

Cryptocurrency for day trading
Liquidity features

Furthermore, assets with high liquidity are guaranteed to have fair prices. High trading activity means that sellers will establish competitive prices so that every market member will be in a favourable position. High liquidity also ensures that prices won't swing very often. Therefore, one order won't change the whole market situation.

An active development team

Before you start day trading, you have to be certain that the cryptocurrency's development team is active. Check for updates and general activity, take a look at their interviews and comments and listen to their predictions. A dynamic development team is a guarantee that fast, accurate information is available about a given cryptocurrency. With an active development team, a trader will have fewer risks while using a day trading strategy.

The latest news

The latest news is one of the most important things to consider for the market. You won't find a successful trader who doesn't follow Breaking News, CNN, BBC and other media sources. Some news dramatically influences the market and can change the trend for most cryptocurrencies. For day trading, it is crucial to pick assets without bad news because their prices will be more stable.

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The top cryptocurrencies for crypto day trading

Beginners often try day trading because this strategy doesn't require many skills. It's crucial to pick the right cryptocurrencies. If traders choose an asset with low liquidity or an inactive development team, they won't gain much from day trading. Here's a list of the best crypto assets for day trading.


Many traders consider USDT to be the best cryptocurrency for day trading for several reasons. First of all, it's a stable coin without rapid fluctuations. A trader can buy Tether without any fear that its price will go down in the next moment.

Today, Tether is essential to cryptocurrency markets because it has the highest 24-hour trading volume. That's why more and more traders are adding this asset to their portfolio.

But there's some bad news about Tether. Firstly, the founders stated that its exchange rate wouldn't go below one dollar. But some months ago, it fell to $0.90, so some analysts considered Tether's statement to be false. Moreover, Tether's volume has risen lately. This fact increases the risk of a price drop.

Binance Coin (BNB)

Just two years ago, one of the most reputable exchanges, Binance, released its own cryptocurrency, Binance Coin. Because a popular exchange founded it, BNB is very trusted. This is why it has a stable exchange rate and a high trading volume. Many analysts and exchanges recognise this asset, so it would be tough to drop its price. If you want to start day trading, you may want to begin with BNB.

Ethereum (ETH)

Ethereum is just as popular as Bitcoin, and there's one reason for that: Ethereum isn't just a cryptocurrency. It's a blockchain platform that allows decentralised apps to be developed and new tokens to be created. This asset is usually connected with a lot of good news, so traders can easily use it for day trading.

ETH is listed on most exchanges, which means you can trade it anytime, anywhere. It has one of the best liquidity rates, and many traders consider ETH to be the best cryptocurrency for day trading.

Tron (TRX)

Tron was created as a platform that aims to remove all internet borders. It provides a reward for content exchange. One of the best things about it is that you can earn TRX by adding everything, from simple memes to complex apps. This platform has a valuable idea, so its cryptocurrency is fast-growing and has a good reputation in the markets.

TRX for day trading

TRX has one of the most active development teams that works daily to develop the platform. You can see a lot of positive news on different websites, which is why Tron's popularity is growing monthly. Even bad news doesn't affect its price because there are many TRX supporters today.

If you want to begin day trading, TRX may be the best choice for you. This cryptocurrency has low prices, so you don't need a big budget to start trading. Moreover, it's stable enough, which makes it easier to manage risks.



Day trading can be both easy and challenging. This depends on your trading style and the cryptocurrency you choose. However, if you operate with the factors we mentioned and learn everything about the cryptocurrencies in your portfolio, you have a good chance of becoming a successful day trader. Who knows: maybe one day you'll even quit your 9-to-5 job and become a full-time day trader!

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