Top 15 Best Cryptos to Day Trade in 2023 [Fully Explained]

Cryptocurrency day trading is one of the most popular strategies to flip cryptocurrencies. However, only some digital coins are worth trading daily. So, to help you focus on the right assets, we compiled a list of the top 15 best cryptos to day trade. Let’s explore it.

What Are the Characteristics of a Good Crypto to Day Trade?

Day trading is a popular crypto trading strategy where traders make buy or sell orders that last only 24 hours or less. To achieve success with crypto day trading strategies, a trader needs to identify coins that are actively moving and have significant fluctuations they can capitalize on. Let’s explore a list of characteristics that can help you determine the best cryptocurrency for daily trading. 

• Utility: When a coin has a unique use case or multiple use cases, it attracts more users, which in turn means more daily trading activity. 
• Volatility: This refers to how much the coin’s value fluctuates. The higher the volatility, the better the coin is for daily crypto trades.
• Liquidity: High liquidity means the coin has multiple trading pairs, which is excellent, especially when you start day trading crypto because it provides more alternatives.
• Trading Volume: A high trading volume means the coin can move fast. For a day trader, this is a good sign that they can complete their trade within 24 hours.
• Publicity: Media coverage and publicity can influence trade volume, so coins with higher publicity make better day trading options.

15. Cosmos ATOM

24-Hour Trade Volume: 180,493,734

Cosmos (ATOM) ranks as one of the best cryptos for day trading. The coin is the native and utility token of the Cosmos Hub, a series of interconnected blockchains that will one day form the Cosmos network.

This altcoin is famous for its utility because it offers owners a chance to earn through staking or verifying blockchain transactions as validators. For this reason, the coin’s demand is high, as is its utility. Additionally, the Cosmos Hub offers multiple airdrops and rewards for ATOM owners, driving more trade for the coin, and attracting media attention, both of which are factors that positively impact a coin’s daily trading performance.

14. Tron TRX

24-Hour Trade Volume: 338,139, 765

Another cryptocurrency to day trade is Tron (TRX). This coin is a utility token on the Tron network, a blockchain-based operating system that pushes for the decentralization of the internet. Tron network provides a space for developers to create applications that improve how people use the internet.

In a world with rapid technological advancement and more people embracing web3, TRON has unique utility, which catapults it in the cryptocurrency markets. Also, many TRX supporters praise the network for not charging a transaction fee. This makes it attractive to many users, skyrocketing the token’s demand. Combining these factors makes TRON one of the best cryptos for making money by day trading cryptocurrencies.

13. Cardano ADA

24-Hour Trade Volume: 389,447,446

Cardano (ADA) has great demand in the crypto day trading market, and with good reason. The Cardano network is the first-ever proof-of-stake blockchain system. This means it validates transactions faster and at a lower cost than blockchains like Ethereum and Bitcoin. 

For this reason, Cardano is home to multiple decentralized applications (dApps), all of which use ADA as a utility or native token. This pumps the coin’s demand and utility, making it a fast-mover in the daily crypto market.

12. Binance Coin BNB

24-Hour Trade Volume: 394,487,412

Another promising token to look out for when trading crypto within 24 hours or less is Binance Coin (BNB). Binance Smart Chain is one of the world’s largest crypto exchanges by volume. Given this position, the platform’s utility token, BNB, is constantly in demand because traders need BNB to complete transactions. 

Similarly, Binance is a popular exchange with much media attention in the form of news and articles about the different currencies it lists. These factors highly contribute to making the coin rank among the top 15 best cryptocurrencies to day trade.

11. FileCoin FIL

24-Hour Trade Volume: 402,544,225

Filecoin (FIL) should be one of the first options for traders who feel more comfortable trading a coin with unique utility. This coin is the in-house crypto on the Filecoin network. This network is known for its unique position as the first blockchain network to exclusively offer users decentralized data storage services.

Because of its unique utility offering, FIL attracts several investors. The platform also runs a blog and has an active social media presence, creating more awareness and demand for the coin. Ultimately, this positions FIL as one of the coins every successful trader should look out for. 

10. Polygon MATIC

24-Hour Trade Volume: 455,273,936

Polygon MATIC is a layer two solution for the Ethereum network. The blockchain helps make Ethereum transactions faster and more affordable. Because it lowers the cost of transactions, Polygon is a go-to platform for Ethereum users trying to escape high gas fees.

With such high traffic volumes, the platform’s MATIC token is in extremely high demand. This demand makes the coin’s price frequently fluctuate as multiple people trade it, making it a worthy coin to trade daily.

9. Shiba Inu SHIB

24-Hour Trade Volume: 500,503,076

Shiba Inu’s reputation in the crypto space makes it a must-have coin in every crypto day trader’s portfolio. The currency, popularly known as “Doge killer,” is an internet sensation charged up because it mimics a popular cryptocurrency, Dogecoin, and has, on several occasions, managed to rank higher than DOGE.

SHIB’s internet fame is one of the biggest reasons everyday traders should consider trading it. Although it doesn’t have much utility, the coin’s popularity and active team keep its daily trade volumes high, and the higher the trade volumes, the more lucrative a coin is when day trading.

8. Polkadot DOT

24-Hour Trade Volume: 558,568,393

Another token with a unique utility that attracts many daily crypto traders is Polkadot (DOT). DOT is the native token of the Polkadot network, a blockchain that facilitates the cross-blockchain transfer of information.

The uniqueness of DOT’s utility earns it a top spot on this best crypto for day trading list. DOT has high demand and, therefore, a high trade volume, which are essential factors for a day trading token to have.

7. Avalanche AVAX

24-Hour Trade Volume: 790,643,898

Avalanche(AVAX) is among the most promising cryptocurrencies to day trade. The coin is the utility token on the Avalanche network, a proof-of-stake blockchain with high scalability and low gas fees.

Because of its fast transaction processing services and affordability range, the Avalanche chain attracts many users, making AVAX utility skyrocket. Also, the token is listed on all major decentralized exchanges, making it visible to a broader pool of traders. This means the coin has enough movement to sustain lucrative 24-hour trades in the cryptocurrency market.

6. DogeCoin DOGE

24-Hour Trade Volume: 1,091,768,905

The popular meme coin, Dogecoin (DOGE), makes a wonderful cryptocurrency for day trading. This coin’s price changes are all a trader needs to run successful day trades. DOGE is often on the receiving end of social media banter or massive internet attention because of Tesla CEO Elon Musk’s positive acknowledgment of the coin’s potential.

The internet frenzy surrounding DOGE is a major driving factor for the coin’s high volatility. DOGE prices fluctuate massively daily, depending on which direction social media winds blow. Since volatility is integral to day trading, DOGE is a handy asset for every crypto trader’s day trading strategy.

5. Ripple XRP

24-Hour Trade Volume: 1,311,399,833.

Ripple Lab’s XRP token is a fantastic daily trading cryptocurrency. It facilitates the transactions of the Ripple network, which is known for its financial transfer services to the financial services industry. 

Because most of Ripple Labs’ clients are institutional traders who require massive financial transfers, a lot of XRP is needed to facilitate transactions. This leads to huge buy and sell transactions for the coin, which are great for day trading activities. Also, XRP is a trusted coin listed on multiple exchanges, a factor that also promotes its position as a high-ranking day trading option.

4. USD Coin USDC

24-Hour Trade Volume: 2,521,355,708

Stablecoins like USD Coin (USDC) are cryptocurrencies you must consider when day trading. The fact that a reserve currency backs this coin may reduce its volatility, making some traders believe it isn’t worth a day trading investment, but that isn’t as accurate.

The fact that stablecoins have reduced volatility makes them highly attractive to investors. This results in extreme demand for the coin, which catapults its trade volume. Such high trade volumes make USDC a coin worth considering when trading crypto daily.

3. Solana SOL

24-Hour Trade Volume: 2,855,254,039

Solana (SOL) is one of the leading cryptocurrencies for day trading. The token facilitates transactions on the Solana network, a proof-of-history blockchain with smart contracts as an additional feature. 

Since the Solana blockchain hosts many dApps, which require SOL to run on the chain, Solana has multiple use cases and impressively high demand. Because of this, Solana is one of the best coins crypto day traders can incorporate into their portfolio.

2. Ethereum ETH

24-Hour Trade Volume: 9,717,631,202

Ethereum is the second largest cryptocurrency by market capitalization, making it a worthy token to consider when day trading. The main reason why this token makes a great day trading option is that it has multiple use cases and is used by the numerous applications it supports.

Besides this, ETH is listed on every major crypto exchange, has very high liquidity, and gets much crypto media coverage. This holy grail of cryptocurrency has multiple long-term investors, and its daily trading volume is staggeringly high, making it a high-ranking crypto day trading option.

1. Tether USDT

24-Hour Trade Volume: 46,681,465,876

Tether is the top crypto for day trading. It is a stablecoin, which means its prices rarely fluctuate. For this reason, many investors place their money on Tether because it is a more secure digital asset. 

Such huge investments contribute to high-frequency trading, which results in a high trade volume. USDT’s daily trade volume is about five times higher than Ethereum’s, making it a must-trade asset for any serious crypto day trader.

FAQs

What coin is the best for day trading?

There are multiple cryptocurrencies that are great for day trading. The leaders among these digital assets include Cosmos, Tron, Cardano, Binance Coin, Filecoin, Polygon, Shiba Inus, Polkadot, Avalanche, Dogecoin, Ripple, USD Coin, Solana, Ethereum, and Tether.

How much can be made day trading crypto?

Crypto day trading income varies depending on your crypto day trading strategies, the coins you trade, and the risk-mitigating efforts you choose. There may not be an exact figure that crypto day traders make because the crypto industry doesn’t have a single regulator to monitor such values. However, according to Glassdoor, day traders in non-crypto markets make about $107,263 annually.

How much do you need to day trade crypto?

The amount you need to start trading crypto will depend on the crypto trading site you choose and the price of the asset you want to trade. You need no fixed amount, but avoid investing more than you are willing to lose because the cryptocurrency market is highly volatile.

How to pick crypto for day trading

You need to identify several factors to select the best crypto for day trading. These include the coin’s volatility, price swings, daily trade volumes, liquidity, social media activity, and publicity. When a coin has a combination of these factors, it makes a fantastic option for crypto day trading.

What is the best time to trade crypto?

There’s no definitive answer to this question, as the best time to buy crypto will vary depending on the market conditions at the time. However, typically it is advisable to wait for a dip in prices before purchasing, in order to get a better deal. This is known as “buy low, sell high.”

Additionally, it’s important to do your own research before investing in any cryptocurrency and to be aware of the risks involved. Cryptocurrencies are still relatively new and volatile, so there is always the potential for substantial losses if you’re not careful.