Let us see some factors that determine the price movement in cryptos. For traders to make informed decisions, it is important to choose good cryptos for day trading, for that the following factors should be considered before picking cryptos for day trading. Trade the most in-demand cryptocurrencies It’s never been easier to invest in the largest crypto by market cap with a host of Bitcoin trading and converter apps available on the market. They allow for the instant purchase and sale of Bitcoin with a suite of analysis features and funding options. Before you download a Bitcoin app, it’s worth thinking about whether you want a comprehensive trading solution or a secure exchange to buy and store BTC.
Deciding which cryptocurrency you should buy depends on what you want to do with your crypto. If you’d like to spend crypto, you may want to buy Bitcoin, Litecoin or Bitcoin Cash as these are the most widely accepted cryptocurrencies. Ethereum and ERC-20 tokens can be used to create smart contracts, buy NFTs and many other creative use cases. Dogecoin and Shiba Inu coin have strong communities behind them that make them fun coins to buy, hold and swap. Stablecoins like USD Coin and PAX Dollar are pegged coins meaning their value is tied to the U.S. Dollar, carrying less volatility than traditional cryptocurrencies. What to know after you've bought cryptocurrency Public Investing is also celebrated for not accepting payment for order flow (PFOF) on equity trades. This is when a brokerage firm is compensated for routing your order through market makers. With PFOF you might not be getting the best deal. “Zero-commission” trading platforms make a lot of money with PFOF—so their best interest isn’t necessarily your best interest.