Top 5 Best Crypto to Day Trade in October 2023


Top 5 Best Crypto to Day Trade in October 2023

With the variety of available cryptocurrencies, it is overwhelming to decide which one is the best crypto to day trade in this bull market! As per CoinMarketCap’s data, there are over 24,000 tradable cryptocurrencies, with both newcomers and seasoned traders eager to capitalize on its rapid price fluctuations.

Here is the list of Top 5 picks for the best crypto to day trade in this bull market to help you make the right and informed decisions.

Best Crypto to Day Trade as a Beginner:

5. DodgeCoin

Dogecoin, the “meme coin” turned serious contender due to a dedicated following. It’s known for sudden and unpredictable price surges, making it an intriguing option for day traders. The market capitalization of this cryptocurrency stands at $8.9 billion, indicating its total value in the market. The total trading volume for August 2023 amounts to a substantial $66.4 billion. The 30-day volatility for this cryptocurrency is 8.20%, confirming the degree of price fluctuation and potential for short-term price changes.

4. Solana (SOL)

Solana, with its fast transaction speeds and low fees, is gaining popularity among day traders. Its relatively lower market cap can lead to more pronounced price swings in this bull market. Fast transaction confirmation times are favorable for high-frequency trading. There are leading opportunities for traders to profit from its short-term price moves. The cryptocurrency’s total value in the market is around $8 billion. On average, it had daily trading volumes of $2.8 billion in August 2023, and the total trading activity for that month sums up to $84.4 billion. Its price tends to change by about 6.81% over a 30-day period, making it a bit less volatile than some other cryptocurrencies.

Best Crypto to Day Trade For Maximum Returns:

3. XRP

Sometimes linked with Ripple, XRP is known for its sudden and intense price changes. Especially in a bull market, it can become a hub of active trading so it has to be the Top 3rd pick in this bull market! The total value of XRP in the market is approximately $26.7 billion and it tends to change in price by about 10.23%, giving evidence for its volatile nature. XRP’s value can go up and down because of different partnerships and working together with other companies. This can give day traders chances to make money when the price changes quickly for short periods in the bull market.

2. Ethereum (ETH)

In August 2023, Ethereum experienced an average daily trading volume of $10.4 billion, indicating substantial trading activity. With a 30-day volatility rate of 4.90%, Ethereum is the second-largest cryptocurrency by market capitalization. It remains a favored option for day traders in the bull market. It is due to the diverse trading possibilities with its smart contract capabilities.

Ethereum boasts a thriving ecosystem featuring numerous decentralized applications (DApps) and tokens that operate on its blockchain, contributing to its impressive trading volumes and liquidity. The cryptocurrency’s price frequently displays noticeable fluctuations, making it an enticing choice for day traders seeking opportunities in price shifts.

Best Crypto To Day Trade in this Bull Market:

1. Bitcoin (BTC)

When it comes to day trading, Bitcoin remains the kingpin of the cryptocurrency world. It is favored as the best crypto to day trade.  As of August 2023, its market value stands at a staggering $503 billion.

The total trading activity for that entire month is a massive $1.2 trillion. Bitcoin’s price tends to change moderately, with a 30-day volatility of 5.45%. Its high liquidity and substantial market capitalization make it an attractive option. During a bull market, Bitcoin often experiences significant price swings, offering ample opportunities for traders to profit.

Day trading in a bull market requires careful analysis, risk management, and the ability to react swiftly to changing market conditions. While these cryptocurrencies are the best crypto to day trade in this bull market of 2023, it’s essential to stay updated with changing market situations and trends.

Subscribe For More Stories

Verified by MonsterInsights