Fortunes are earned and lost in a matter of minutes in cryptocurrency, also known as the Wild West of the financial world. It’s a thrilling combination of finance, technology, and sheer excitement.
Nonetheless, there are several forms of trade in the realm of trading. One of these trading modes is a high-stakes game in which traders purchase and sell assets on the same day in an attempt to benefit from little fluctuations in price.
The objective?
To profit from rapid changes in value by taking advantage of them.
It’s a daily excitement for many—one day, you’re rolling in cash, and the next, you’re clinging to your last penny.
However, if you’re still ready to jump into this wild ride, where every transaction may seem like a life-changing victory or loss, here are five of the greatest cryptos for day trading in 2024.
Top Cryptocurrencies for Day Trading in 2024
Below are some of the top cryptocurrencies for day trading in 2024.
- Bitcoin (BTC): The King Still Reigns
Bitcoin, also considered the best crypto to invest in, is the most popular form of cryptocurrency and is a must-have in every trader’s portfolio. However, is it really the best one for day trading in 2024?
The answer is yes—and here’s why.
Trends and Analysis
While some traders consider Bitcoin slow-moving compared to altcoins, it still continues to be popular among day traders. Bitcoin is highly liquid, thus guaranteeing that any trader can quickly open and close their positions.
In the recent past, a lot of money has been invested in bitcoins by institutions, hence reducing its high volatility, but the volatility required for day trading is still available.
The data from CoinGecko stated that the dominance of Bitcoin (BTC) increased to 53.6%, making it the most liquid cryptocurrency. In the process, Bitcoin fluctuates even with its market stability, which can allow short-term fluctuations of 5-10% within hours, making it ideal for day trading.
- Ethereum (ETH): The Smart Contract Giant
Ethereum has transformed into not only a digital currency but also a much more sophisticated asset. It has become a backbone for decentralized applications(dApps) and smart contracts, rendering it a good option for day trading in 2024.
Trends and Analysis
For day traders, the main attractions in 2024 are Ethereum’s upcoming Ethereum 2.0 upgrades and the increasing adoption of layer-2 solutions providers, such as Optimism and Arbitrum. These upgrades are expected to bring faster rates of performance, along with lower gas fees, which implies a more enhanced trading environment.
According to Consensys, value locked in Ethereum smart contracts is worth 13 billion., so Ethereum is still very relevant for the underlying structure of the crypto space.
A study conducted by Messari said that the daily trading volume of Ethereum reached $15 billion in 2024 and became the second-most liquid asset behind BTC. The increase in institutional adoption of Ethereum for DeFi integrations has also led to higher short-term fluctuations, making it perfect for day trading.
- Solana (SOL): The Fastest Blockchain
Solana has become popular for its speed of blockchain and very low transaction costs, which are perfect for day traders seeking quick entries and exits.
Trends and Analysis
By 2024, Solana is already set to be the most efficient blockchain for scalable applications with a speed of over 65,000 TPS.
One of the key features of Solana remains its ability to scale, supporting millions of transactions per second at relatively low fees, making it attractive both for developers and traders.
This scalability becomes advantageous for day traders as it facilitates efficient, speedy trades with the least possible slips.
- Binance Coin (BNB): Exchange Giant
The Binance Coin is an asset of the Binance platform, which is the largest crypto exchange in the world. It can be particularly useful for day traders to use for trades that are related to trading activities and their fluctuations.
Trends and Analysis
The role of BNB within Binance is as follows—it is employed as a medium of lowering the trading costs, as an instrument for taking part in token sales, and for staking. This means that BNB price has an affirmative correlation to the overall market performance of cryptocurrencies, as well as key events on the Binance platform.
Considering the fact that Binance is one of the largest and most diverse trading platforms, the BNB is always among the top ten assets in terms of its market capitalization and daily turnover.
Furthermore, innovations and constant diversification initiatives into DeFi and other blockchain projects prolong BNB’s demand. It retains its functionality, always bringing liquidity and volatility to the table – two things that are vital for day trading.
According to CoinMarketCap, BNB has a daily trading volume greater than $2 billion in 2024.
- Polygon (MATIC): The Layer-2 Solution
Polygon, a layer-2 solution based on Ethereum, focuses on the scalability and lower price of transactions, which makes it suitable for traders interested in utilizing the Ethereum ecosystem but with high fees.
Trends and Analysis
Polygon’s position in the cryptocurrency space is reinforced by its future-proofing plan, which includes collaborations with Meta and Disney.
According to Benzinga, the MATIC token’s price fluctuates steadily, averaging between $0.43 and $0.64 intraday changes. This makes it a dependable asset for investors looking for volatility.
Bottomline
Day trading presents amazing chances in the rapidly evolving cryptocurrency space, but it also carries certain risks. Making wise decisions and remaining informed are crucial.
These five assets are the ideal places to start if you’re prepared to go on the wild ride of cryptocurrency day trading.
If you do your research and keep an eye out on the latest updates, you might be able to catch the next big thing.
So, are you prepared to start trading?
Investigate these leading cryptocurrencies now!
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