Best Crypto to Trade Right Now

Kane Pepi

Last updated: March 12, 2024 11:54 EDT | 21 min read

Although the wider crypto markets have been bearish for almost a year, there are still plenty of trading opportunities in this space. The idea is to buy a crypto asset that is about to witness an upward or downward pricing swing, before cashing out for short-term gains. In this guide, we discuss the best cryptocurrency to trade right now for those looking to generate profits during the current bear market.

The 15 Best Cryptocurrencies to Trade Now

The best cryptocurrency to trade will depend on the investor’s short-term goals. Nonetheless, we found that the 15 coins listed below offer plenty of trading opportunities in this volatile marketplace.

1. Smog – Best meme crypto to trade now, reached a $100 million market cap.
2. Sponge V2 – New meme coin soared by 100x in 2023. Offers 191% staking APYs.
3. Bitcoin Minetrix –  Innovative crypto offers cloud mining credits. Over $11M raised.
4. eTukTuk – Green crypto builds EV charging stations for TukTuk drivers. $1.3M raised.
5. Lucky Block – Undervalued NFT competition platform for value investors.
6. Battle Infinity – Crypto offering exposure to the future of fantasy sports games.
7. Bitcoin – First ever cryptocurrency, Bitcoin has a market cap of over $1 trillion.
8. Dogecoin – Volatile cryptocurrency for short-term speculation. $12 billion market cap.
9. XRP – Top #10 crypto by market cap, used to settle cross-border payments.
10. Maker – Crypto Outperforming the broader market with an extended upward trend.
11. The Sandbox – Top metaverse cryptocurrency, up by 1,590% since launch.
12. Stellar Lumens – High upside trading opportunity on this high-quality project.
13. Ethereum – #2 crypto in the world, with a market cap of more than $350 billion.
14. DeFi Coin – Low-Cap Cryptocurrency with attractive risk-reward spectrum.

Analyzing the Best Cryptos to Day Trade

Cryptocurrency trading is suitable for both short-term and long-term strategies. Regarding the latter, the current crypto winter means that even the best coins to buy are hugely undervalued. For short-term traders, there are opportunities to buy and sell crypto pairs around the clock. In this section, we take a much closer look at the best cryptos to day trade in 2024.

1. Smog – Best Meme Crypto to Trade Now, Get 42% in Staking Yields

The best cryptocurrency to trade right now is $SMOG, the native token of Smog. Created on the Solana blockchain, Smog is a meme token that offers high staking yields and airdrop rewards. After launching straight to decentralized exchanges in February 2024, $SMOG became one of the fastest growing cryptos. The token launched at a $2 million market cap, which peaked beyond the $100 million valuation within days. Being a new token, high-risk investors could look to trade $SMOG in the coming months. Smog aims to be the next big meme coin, and will allocate 50% of its 1.4 billion token supply to market the project. Long-term investors can benefit from Smog’s staking mechanism, which currently offers 42% APYs (Annual Percentage Yields). Furthermore, another 35% of the supply will be given via airdrop rewards. Airdrop points can be earned by following Smog on Twitter and Telegram. You can also earn points by staking $SMOG on the smart contract.

With upcoming exchange listings expected in 2024, $SMOG can continue to offer huge returns to investors. Read the Smog whitepaper to learn more about this meme coin.

Visit Smog

2. Sponge V2 – New Token Version of a Popular Meme Coin, Get 191% Staking APYs

Sponge V2 follows the success of the popular Sponge V1 token, which had a market cap of $100 million at its peak. This made over 100x returns to early investors. Sponge V2 plans to launch a play-to-earn game, which should increase demand for the token, thus outperform its V1 predecessor. Buy $SPONGE tokens on the Sponge V2 website using ETH or USDT and stake them to start earning $SPONGEV2 tokens. Given this is an Ethereum ERC-20 token, you will need an Ethereum wallet like MetaMask. Start staking your tokens as soon as you get them. You will earn over 191% staking APY as of this writing. However, the APY will slowly drop as more tokens are staked. Based on the Sponge V2 whitepaper, the APY should be at least 40% in the next four years. You can claim your token once the first stage ends. By this time, the token should be listed on major exchanges where you can sell your tokens if you want to. In stage three, the play-to-earn game launches. This should positively affect the token price. https://youtu.be/EdhjKiXtM24?si=cqFk51ul68IprFbj Follow Sponge V2 on X and join Sponge V2 on Telegram to stay up to date with the project. Join the Sponge V2 Discord if you want to ask questions to the developers or engage with the community.

3. Bitcoin Minetrix – Crypto Token That Offers A Stake-To-Mine Model For Passive Income

Bitcoin Minetrix ($BTCMTX) offers the world’s first “Stake-to-Mine” model, a disruptive and unique alternative to traditional cloud mining methods. Unlike the conventional way, where users buy cash contracts, they can simply stake the $BTCMTX token to receive non-tradable ‘mining credits.’ Upon burning these credits, users gain cloud mining power and receive a proportion of the revenue generated. The platform has caught significant attention, raising over $11 million within a few months of its launch. The token is priced at $0.0135. The project aims for a hard cap of $33 million. Out of the total supply of 4 billion tokens, 2.8 billion are set aside for presale, with the rest allocated for rewards, liquidity, and various ecosystem initiatives. Moreover, it offers an integrated dashboard on both desktop and mobile, ensuring a smooth user experience. This dashboard offers users a holistic view of their mining activities, including expected earnings, staking balances, and details about mining credits. Such a streamlined process is especially beneficial for beginners, helping them navigate the complexities of crypto mining. Per the Bitcoin Minetrix whitepaper, the project also highly emphasizes security and credibility. The platform’s smart contract has undergone a third-party audit. Additionally, no locked-in contracts offer users the flexibility to un-stake and trade their $BTCMTX tokens as they wish.

The platform offers a dynamic APY of over 61% at press time, making it a high-reward opportunity, especially during bear markets. Over 600 million tokens have been staked in the initial two weeks, indicating strong community trust. Potential investors can follow Bitcoin Minetrix on X (Twitter) or their Telegram channel for the latest information and updates.

4. eTukTuk – Green Crypto Creating EV Charging Stations for TukTuk Drivers, Over $1M Raised on Presale

For the past five years, eTukTuk ($TUK) has been developing its blockchain-based EV charging station platform. Currently, over 270 million TukTuk engines use ICEs (Internal Combustion Engines) – which utilize non-renewable energy sources. Furthermore, with the rising energy prices, drivers in developing economies are struggling to make a minimum wage. eTukTuk is solving this issue by creating EVSEs (Electric Vehicle Supply Equipment) and zero-emission vehicles. The EVSEs will be set up with the help of local territory partners. Payments can be made at these charging stations using $TUK, the native token. The territory partners will earn a share of the revenue gained. The TukTuk drivers are expected to save 400% with eTukTuk. Token holders can stake $TUK into power nodes, and generate APYs as high as 175%. To promote the project, eTukTuk is also launching a P2E game, where you can drive the flagship eTukTuk vehicle, pick up passengers, and earn rewards. Currently, $TUK is priced at $0.027 on presale. The presale has raised more than $1.3 million. The sustainable project’s problem-solving ability and high staking rewards make it a top crypto to trade. Read the eTukTuk whitepaper and join the Telegram page for more information.

5. Lucky Block – Undervalued NFT Competition Platform for Value Investors

Lucky Block is building an entirely new concept in the crypto space – peer-to-peer competitions that are backed by NFTs, blockchain, and token rewards. Each competition operated by Lucky Block requires participants to buy a unique NFT. The draw for the competition is made after the NFT collection is sold out. The draw is executed by a smart contract agreement. This means that players can be sure that the results are legitimate. Moreover, after the competition draw is complete, NFT holders will continue receiving rewards. Lucky Block distributes rewards in its native token – LBLOCK.

LBLOCK was first listed on an exchange in February 2022 after selling out its presale. Not only did LBLOCK reach a market capitalization of $1 billion in the space of a few weeks, but during this period it generate gains of 60x. This makes LBLOCK one of the best Web 3.0 coins of the year. However, although the team behind Lucky Block continues to develop the NFT competition platform and form relationships with new crypto exchanges, the bear market has had a huge impact on the value of LBLOCK. Its pricing chart suggests that LBLOCK is down 90% from its all-time high. Ultimately, however, such a low entry price will appeal to traders seeking value.

Visit Lucky Block

6. Battle Infinity – Gain Exposure to the Future of Fantasy Sports Games

Battle Infinity has followed a very similar short-term journey to the previously discussed Tamadoge. Before we get to that, Battle Infinity is building a ‘Multiverse’ of products, including a fantasy sports game. This will be the world’s first game of its type to operate on the blockchain protocol. And moreover, Battle Infinity follows the play-to-earn concept. This means that users from all over the world can play fantasy sports games with the view of winning real-world rewards. At Battle Infinity, all play-to-earn games yield rewards in IBAT tokens. Upon earning IBAT, the tokens can be sold on the Battle Infinity decentralized exchange. The other option for long-term investors is to stake IBAT tokens. Staking can be facilitated directly within the Battle Infinity Multiverse. Battle Infinity also offers the chance to earn in-game NFTs, which is aimed at enhancing the gaming experience. In terms of why Battle Infinity could be the best cryptocurrency to trade right now, the project recently completed its presale launch.

The presale sold out in just 24 days and subsequently raised 16,500 BNB. At the time, this amounted to more than $5 million. Battle Infinity then listed on both a decentralized (PancakeSwap) and centralized (LBank) exchange, before generating gains of 260%. However, just like Tamadoge, Battle Infinity has since seen its early gains reduced. As such, this offers short-term traders the opportunity to stack up on IBAT tokens before the next upward trajectory resumes. Of course, there is no guarantee that this will be the case, so traders will need to conduct their own due diligence and technical analysis.

Visit Battle Infinity

7. Bitcoin – Top Crypto Asset to Trade for 24/7 Liquidity

How much should you invest in Bitcoin? While low-cap and newly launched projects offer plenty of upside potential for traders, liquidity can often be an issue. In this regard, Bitcoin is perhaps the best cryptocurrency to trade for those seeking sufficient levels of liquidity around the clock. After all, not only does Bitcoin have a market capitalization of over $350 billion as of writing, but it attracts sizable trading volumes. Over the prior 24 hours of writing, for instance, nearly $30 billion dollars worth of Bitcoin has changed hands. Bitcoin offers both short-term and long-term trading opportunities. Regarding the latter, Bitcoin is still stagnant at the $20,000 level. This means that those with a long-term outlook at Bitcoin can enter the market at a 70% discount, from its prior highs.

With that said, short-term traders might also consider Bitcoin’s tight trading range which, for the prior month, has largely sat between $19,000 and $21,000. In particular, this will appeal to scalpers that have the potential to enter suitable take-profit and stop-loss orders at identified support and resistance levels.

8. Dogecoin – Volatile Cryptocurrency for Short-Term Speculation

The jury is still out on the long-term outlook of the world’s de-facto meme coin – Dogecoin. With that said, it is undeniable that Dogecoin offers plenty of short-term trading opportunities. In fact, Dogecoin is one of the most volatile large-cap projects, so it could be the best crypto to day trade right now. For instance, over the prior month of trading, Dogecoin has witnessed highs and lows of $0.05618 and $0.067. This represents a volatility swing of nearly 19%. As per the chart below, the trend on DOGE/USD has, however, remained somewhat predictable over the past four weeks.

By this, we mean that there are clear support and resistance lines within a reasonably tight range. As of writing, Dogecoin is trading a fraction below $0.06. This amounts to 13% below its one-month high of $0.067, which could represent a suitable entry point.

9. XRP – Short-to-Medium Trading Strategies May Suit This Large-Cap Token

XRP is another large-cap cryptocurrency that offers plenty of trading opportunities for short and medium-term gains. Over the prior 24 hours of writing, for example, XRP has dropped by 7.50%. This represents a greater decline than any other top-10 coin by market capitalization. Over a one-week period, however, XRP has generated gains of over 6%. This highlights that XRP is witnessing extreme volatility at present. Another point of reference to take into account is that trading volume on XRP/USD has increased by nearly 30% over the prior 24 hours to $2.5 billion.

Medium-term strategy traders might be looking to target XRP’s one-month high of $0.5523 which, based on prices as of writing, offers an upside of 13%.

10. Maker – Outperforming the Broader Market With an Extended Upward Trend

Maker was launched in 2017 and as of writing, carries a market capitalization of just under $1 billion. Maker -which is built on top of the Ethereum blockchain, is a community-driven project that aims to solve the ever-present issue of extreme volatility in the crypto space. Although the vast majority of cryptocurrencies are down over the prior seven days of trading, the MKR token has generated gains of over 12%. Over a 24-hour period, MKR is up 2.6%. This highlights that MKR is outperforming the broader markets and thus – is potentially entering a more prolonged notable upward trend.

This sentiment is further supported upon zooming out on the chart – with Maker witnessing gains of 21% over the prior month of trading. Still, however, Maker is trading at a discount of 76% when compared to its 52-week highs of over $3,600. As such, MKR tokens might also appeal to longer-term cryptocurrency traders.

11. The Sandbox – Ideal Cryptocurrency to Trade for Exposure to the Metaverse

Many of the best metaverse coins led the way during the prior bull market. The Sandbox, in particular, has witnessed tremendous growth since the project was launched in mid-2020. According to CoinMarketCap, SAND tokens were trading at $0.066 during this timeframe. At the peak of the bull market in November 2021, SAND tokens were trading at highs of $8.44. This means that in just over 15 months of trading, early investors of the Sandbox project were looking at gains of over 12,000%. However, like most metaverse coins in this space, SAND tokens have since seen an unprecedented decline in value.

As of writing, SAND is trading 90% below its aforementioned high of $8.44. Nonetheless, should the Sandbox regain its former peak valuation, from its current pricing levels this would require an upside of 960%. This will appeal to investors that wish to buy the dip and are happy to wait for the next bull market to see if SAND has what it takes to fully recover.

12. Stellar Lumens – High Upside Trading Opportunity on This High-Quality Project

Stellar Lumens is a high-quality cryptocurrency project that has its own native blockchain network. When transferring tokens via Stellar, the transaction takes just 4-5 seconds. Transaction fees amount to a tiny fraction of $0.01, and the blockchain can scale up to 1,500 monetary movements each and every second. However, Stellar still trades considerably lower than its 52-week high. For example, Stellar reached a high of nearly $0.44 during the bull market of 2021. As of writing, the same digital currency is trading 72% lower.

Considering that Stellar is an established blockchain project that has formed partnerships with the likes of IBM and MoneyGram, its current pricing action could indicate that this crypto asset is heavily undervalued.

13. Ethereum – Parent Blockchain Network for Thousands of ERC-20 Tokens

Although the specific numbers remain to be seen, there are at least several thousand ERC-20 tokens listed on CoinMarketCap. ERC-20 tokens are built on top of the Ethereum blockchain – which is the second-largest cryptocurrency by market capitalization. As of writing, Ethereum is valued at over $157 billion. While at first glance this represents an impressive valuation for a digital currency, this is just a fraction of Ethereum’s prior value. In fact, just under a year prior to writing, Ethereum was worth more than $550 million, which translates into a token price of nearly $5,000.

There is plenty going for Ethereum, even during this bear market. For example, the ‘Merge’ from proof-of-work to proof-of-stake is now complete, meaning that the Ethereum blockchain is faster, cheaper, and more scalable. This can only be a good thing for the long-term value of Ethereum, Current prices as of writing dictate that Ethereum is trading 70% below its all-time high.

14. DeFi Coin – Low-Cap Cryptocurrency With Attractive Risk-Reward Spectrum

The final project that we will discuss on this list of the best cryptocurrency to trade is DeFi Coin. Although many may not have previously heard of DeFi Coin, its team of developers has been working hard behind the scenes for more than a year. The overarching objective is to launch the world’s leading decentralized exchange – DeFi Swap. Having released some snippets to its Telegram group, the DeFi Swap exchange looks like it could rival the likes of Uniswap and SushiSwap in the coming months and years. The DeFi Swap ecosystem will offer anonymous trading via an automated market marker, yield farming services, and staking. An NFT marketplace and a decentralized mobile app are planned for early 2023.

From a trading perspective, DeFi Coin offers a highly attractive risk-reward spectrum. Considering that it is valued at under $1 million as of writing, the upside on DeFi Coin could be notable. In other words, investors have the opportunity to enter a modest stake at current pricing levels in the hope that DeFi Coin can go on to become a billion-dollar project.

Visit DeFi Coin

Crypto Trading Basics

Some people look for best cryptocurrencies to buy now, such as Bitcoin or XRP, with the hope of generating a profit. This can be achieved if the price of the cryptocurrency increases. For example:

• Let’s say that an investor buys Bitcoin when it is priced at $10,000
• The investor stakes $2,000 on this trade
• After two months, Bitcoin is worth $30,000
• This represents gains of 200%
• The trader closes the position, so their $2,000 stake has returned $6,000

There are many different ways to trade cryptocurrency. For example, some traders will elect to short-sell a coin if they believe its price will decline. There are also many strategies to consider, such as day or swing trading. Other traders will prefer to take a longer-term approach by buying a cryptocurrency and holding on to it for many months or years. This strategy is often the most profitable in the long run, as there is no need for the trader to attempt to time the market. In order to access the crypto trading space, investors will need to have an account with a suitable exchange. This is much the same as trading equities through an online stock broker. An important metric to consider when searching for the best cryptocurrency to day trade is that oftentimes, smaller-cap coins will not attract much in the way of liquidity. This means that while traders might witness sizable gains, it might be challenging to cash the position out. Large-cap coins, such as Bitcoin and Ethereum, do not experience the same issue. Bitcoin, for example, attracts billions of dollars worth of volume each and every day.

Crypto Trading vs Crypto Investing

Although the terms crypto ‘trading’ and ‘investing’ are generally used interchangeably, they actually refer to two different types of strategy.

• Crypto investing refers to a longer-term position, whereby the investor might buy a coin and hold on to it for many years.
• Similarly, when buying into presale projects like Sponge V2 and Bitcoin Minetrix, this is generally referred to as investing.
• The reason for this is that investors are allocating funds to a project that they believe will be worth significantly more in the near or distant future.

Crypto trading, on the other hand, typically refers to shorter-term plays. This will often require the trader to have an intimate understanding of technical analysis and economic indicators.

• For example, a trader might discover that Ethereum has an RSI reading of 15 – meaning that it could be heavily oversold.
• As such, the trader might elect to enter a buy position at an identified support zone.
• In many cases, short-term crypto traders will keep a position open for no more than a few days.
• Day traders take things to the next level by entering and exiting positions over the course of a few hours or even minutes.

For beginners, however, it might be best to stick with a longer-term ‘buy and hold’ strategy. This means finding quality, undervalued projects like Sponge V2 and Bitcoin Minetrix – and allocating funds while the respective token carries a small market capitalization.

Day Trading Crypto

Day trading refers to a very specific type of strategy. As we briefly noted above, the trader will generally look to open and close a crypto position within the space of a few hours or minutes. While gains might be more modest when compared to longer-term plays, day trading can be profitable. This is especially the case considering that traders might enter several positions throughout the day. Moreover, to counter smaller profit margins, day traders will often utilize leverage. This means amplifying the value of trade through a margin account. However, once again we should be clear that crypto day trading isn’t something that can simply be picked up overnight. Seasoned traders in this space will have the capacity to analyze pricing data across many different pairs through technical analysis. This can take many years to learn, considering the comprehensiveness of each indicator.

Top Crypto Trading Strategies

There are many ways to make money with cryptocurrency. Investors and traders will, however, need to have a strategy in place to ensure that they have the best chance possible of generating gains. Below, we briefly discuss some of the top crypto trading strategies for beginners:

Dollar-Cost-Averaging

While this strategy won’t appeal to short-term day traders, dollar-cost averaging is one of the best methods to take when investing. Not only in crypto, but across stocks, ETFs, and more. The idea here is that investors will buy into their preferred projects on an incremental basis. For instance, buying $200 and $100 worth of Bitcoin and XRP each month, respectively. In sticking to a dollar-cost averaging strategy religiously, investors can spend less time worrying about shorter-term volatility. Even when the crypto markets are declining, the dollar-cost averaging strategy enables the investor to buy the dip.

Diversification

Diversification is another proven strategy that beginners will find useful. Once again, this crypto trading strategy is more suited for longer-term plays. In its most basic form, diversification ensures that the crypto portfolio is spread out across many, many different projects. More of the portfolio could go towards larger-cap projects, while a smaller allocation could be split between several small-cap coins. Crucially, if one or two coins from within the portfolio perform poorly, the balance could do the opposite and thus – counter any losses.

Consider Presales

Beginners are often unaware of what crypto presales are let alone how to access them. Put simply, presales refer to fundraising campaigns that enable new crypto projects to raise funds. Investors will allocate a crypto asset like Ethereum or BNB and in return, receive the native token created by the project. Not all presales do well, but some of the best go on to generate unprecedented returns.

What is the Best Time to Trade Cryptos?

Very few traders have the skill set to consistently time the market. This is also the case with the stock market – where short-term speculators outside of hedge funds and financial institutions typically lose in the long run. As a result, it is best to avoid attempting to time the crypto market. Instead, beginners are best advised to consider one of the crypto trading strategies we discussed in the previous section – such as dollar-cost averaging, diversification, and investing in presales. Ultimately, nobody knows how long the current bear market will last or when bullish sentiment will return. As such, it’s best to play it safe by dipping funds into the crypto market on a gradual and risk-averse basis.

Conclusion

This market insight has analyzed the best cryptocurrencies to day trade for both short and long-term strategies. We have also discussed the importance of dollar-cost averaging and diversification, rather than attempting to time the market. One of the projects that stands out is Smog. This new meme cryptocurrency offers high staking yields and airdrop rewards. Since launching on the Jupiter DEX, $SMOG has reached a market cap of more than $100 million.

Visit Smog

FAQs

What crypto is best to trade? For long-term investors, it is wise to have some exposure to large-cap projects like Bitcoin and Ethereum – both of which are established in this space. It is also worth considering allocating some funds to newly launched, low-cap projects such as Smog, Sponge V2, and Bitcoin Minetrix.

About the Author

Kane Pepi

Kane Pepi is a financial, gambling and cryptocurrency writer with over 2,000 published works, including on platforms like InsideBitcoins and Motley Fool. He specializes in cryptocurrency guides, exchange and wallet reviews, and covers new crypto projects for Cryptonews.com. His expertise includes asset valuation, portfolio management, and financial crime prevention. Pepi holds a Bachelor's in Finance, a Master’s in Financial Crime, and is pursuing a Doctorate in money laundering in crypto and blockchain. Connect with Kane on LinkedIn.

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