Details about the best Top 7 Cryptocurrencies for Trading are available in this post. Cryptocurrency is a currency that you can’t see and in straightforward words, you can call it an advanced rupee. No bank issues Cryptocurrency and just the individuals who issue it control it. It is utilized in the advanced world itself. Right now, there are numerous kinds of virtual monetary standards everywhere in the world. Of these, bitcoin has the most noteworthy value and Bitcoin costs have risen. The fascination of financial backers has expanded quickly towards Bitcoin. Bitcoin has likewise given enormous re-visitations to financial backers. So today we are discussing the Top 7 cryptocurrencies for crypto day trading in this article.
Cryptocurrencies have begun revolutionizing the financial world that too in a good way (Just my opinion). That’s why most governments are trying to ban Cryptocurrencies while some are trying to regulate them. Only the future will tell how much change is caused by Cryptocurrencies.
Top 7 Cryptocurrencies for Crypto Day Trading
After Bitcoin, many virtual currencies such as Ethereum are popular today and they are maintaining credibility, but when it comes to investment returns, there is still no harm in bitcoin. One reason for this is limited availability and a fixed limit for mining. It has mined more than 15 million. Increasing demand and limited availability also make it suitable for speculation in the market.
It is the popularity of bitcoin that today the world’s superpower China is going to release its virtual currency yuan for testing and also the government of Switzerland is considering issuing an e-franc. Even the Caribbean countries of Jamaica and the Bahamas are working for it and also the Marshall Islands has even launched its own cryptocurrency.
Best 7 cryptocurrencies for crypto day trading
Tether (USDT):- Many traders consider Tether to be the best cryptocurrency for day trading for several reasons. First of all, it is a stablecoin without rapid fluctuations and a trader can buy USDT without any fear that its price will go down the next moment. Today, it is important to cryptocurrency markets, as it has the highest 24-hour trading volume. That is why a huge number of traders are adding this asset to their portfolios.
Bitcoin (BTC):- According to a review, bitcoin has always been at the top, maintaining its position in the crypto space. It is by far the oldest and most popular cryptocurrency, which has the highest demand in global cryptocurrency. Since the bitcoin supply is less with 21 million of which around 3 million remain in the mine only, it is considered an asset for bitcoin investment in the world. Of all the cryptocurrencies, in general, most people know about bitcoin, although they are not entirely into it. Globally, BTC has the highest adoption rate compared to others and now experts have said that now, it is the best cryptocurrency to invest in with just Rs 1000.
Ethereum (ETH):- After bitcoin, Ethereum is known as the second largest cryptocurrency and is one of the promising long-term ones available in the market. Founded in 2017, Ethereum has become a popular choice among business people as it integrates smart contract protocols into its blockchain. Ethereum exhibits high signs of volatility and is touching the nearly $ 200 mark and in India for 2021, it is claimed to be one of the best cryptocurrencies.
Ripple (XRP)- The 3rd largest cryptocurrency that is in great demand by users is Ripple (XRP). For banking and financial institutions, XRP is the best choice for go-to blockchain. In the future, Ripple can be used as an intermediary for accelerated transaction-processing time and cross-border partnerships. It also holds great potential for future achievements, so, according to reports, XRP can be fruitful for return on investment.
Lite Coin (LTC):- The world’s first open-source P2P Alt-Coin that has maintained its positional stability by market capitalization is Lite coin. Lite coin, a branch of bitcoin, is claimed to be the seventh largest cryptocurrency in the world. This enables almost zero, immediate cost payment to people in the world. It is the most preferred cryptocurrency by users due to its superior storage capacity and quick transaction confirmation time.
Tron (TRX):- Tron has commanded the notice of everybody across the world for the features it is related with. This, in blend with high unpredictability, makes it perhaps the most usable digital currency for day exchanging. TRX was at first made as a stage to clear all lines on the web. Likewise, for each substance that is traded, there is an award. Since this has an important thought, Tron as digital money is developing quickly.
Binance Coin (BNB):- Binance is said to be one of the world’s leading cryptocurrency exchanges, which also owns popular coins known as BNB. It falls under the top 10 cryptocurrencies in the world by market cap and it has high liquidity with cryptocurrency trading being one of the better-performing assets. In the long run, Binance Coin offers great potential as it steadily grows.
Benefits Of Cryptocurrency
- Cryptocurrency is a digital currency, so there is less chance of fraud.
- If we talk about cryptocurrencies, then they are more secure than normal digital payments.
- If someone wants to invest and earn as much money as possible, he or she can invest in cryptocurrency because its price rises very fast and it is a good platform for investment.
- Cryptocurrency is completely safe, just you need to keep the authentication for it.
- There is a difference between the transactions done through cryptocurrency and the normal transactions that you do, as transactions done in cryptocurrency are done very securely.
- The cryptocurrency is protected in a digital wallet provided to the holder which he/she has complete ownership, ie in this process, there is no need to trust any third party.
Disadvantages of Cryptocurrency
- Once a transaction is made inside the cryptocurrency, it cannot be corrected back because it does not have the option of reverse.
- There is no physical existence of cryptocurrency which has major disadvantages such as it cannot be printed.
- The control of cryptocurrency is not with any country, government or institution, due to which its price is very high, and that’s why it is very risky to invest in it.
- If your wallet’s ID is lost then it is lost forever because it is not possible to retrieve it again. In such a situation, whatever money you had in your wallet will be lost too.