Best Crypto to Trade Right Now
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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 13 Best Cryptocurrencies to Trade Now
The best cryptocurrency to trade will depend on the investor's short-term goals.
Nonetheless, we found that the 13 coins listed below offer plenty of trading opportunities in this volatile marketplace.
- Wall Street Memes - A promising new community-focused meme token that has raised over $25 million in just over three months. It offers an impressive staking APY of over 60% and has online community support from over a million supporters.
- Bitcoin BSC - A trending new staking platform on Binance Smart Chain. It offers early investors a high APY, quick rewards, and an eco-friendly staking model. The platform has raised $1.5 million in just over a week, highlighting its potential for long-term success.
- Tamadoge - Small-Cap Play-to-Earn Ecosystem With Hugely Successful Presale Campaign
- Battle Infinity - Gain Exposure to the Future of Fantasy Sports Games
- Lucky Block - Undervalued NFT Competition Platform for Value Investors
- Bitcoin - Top Crypto Asset to Trade for 24/7 Liquidity
- Dogecoin - Volatile Cryptocurrency for Short-Term Speculation
- XRP - Short-to-Medium Trading Strategies May Suit This Large-Cap Token
- Maker - Outperforming the Broader Market With an Extended Upward Trend
- The Sandbox - Ideal Cryptocurrency to Trade for Exposure to the Metaverse
- Stellar Lumens - High Upside Trading Opportunity on This High-Quality Project
- Ethereum - Parent Blockchain Network for Thousands of ERC-20 Tokens
- 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 2023.
1. Wall Street Memes - High-Yield Staking Meme Crypto With Strong Community Backing That Raised Over $25 Million In Presale
As an upcoming token amid the recent meme coin wave, Wall Street Memes (WSM) has rapidly caught investor attention with its strong fundamentals.
Founded by the creators of the 2021-launched Wall St. Bulls' NFTs on Ethereum, WSM has a solid online following of over a million supporters across several social media channels.
After their NFT series quickly sold out in 2021, Wall St. Bulls has stayed on top of the latest trends in the crypto space.
They've also ventured into Bitcoin Ordinals NFTs and entered the meme crypto space with the launch of WSM.
The platform has raised over $25 million in just over three months, showing strong community backing.
WSM tokens are priced at $0.0337 USDT each in its ongoing presale. The robust community backing makes the platform an attractive long-term prospect for early buyers despite presale risks.
With an Annual Percentage Yield (APY) of over 60% at press time, WSM offers its stakers 75 WSM tokens per block. At the time of writing, over 319 million WSM tokens are already staked, highlighting investor trust in the project.
Notably, personalities like Elon Musk have engaged with WSM on Twitter. This increasing interest may pave the way for WSM's inclusion in major exchanges like Binance.
The Wall Street Memes whitepaper outlines that half the two billion WSM tokens are up for presale. Of the rest, 30% goes towards community rewards and 20% for sustaining exchange liquidity. This strategy aims to avoid market-dumping issues commonly seen in the crypto world.
To market its presale success, WSM also announced a $50,000 airdrop to reward active social media followers, adding another layer to its community-building efforts.
The presale will conclude by September's end, followed by the token's listing on top-tier exchanges
You can join the Wall Street Memes Telegram channel for the latest news.
| Presale Started | 26 May 2023 |
| Purchase Methods | ETH, USDT, Credit Card |
| Chain | Ethereum |
| Min Investment | 100 $WSM |
| Max Investment | None |
2. Bitcoin BSC - Fast, Sustainable, High-Yield Staking Token on Binance Smart Chain That Raised Nearly $1.5 Million In Over A Week
In over a week after its launch, Bitcoin BSC (BTCBSC), a promising new crypto staking option on Binance Smart Chain, collected nearly $1.5 million.
Offered at a presale rate of $0.99, it's drawing attention for its quick, 10-minute rewards and eco-friendly approach.
Aiming to emulate Bitcoin's initial supply cap of 21 million, BTCBSC has reserved 4 million tokens for its presale. An additional 2.125 million tokens are set aside to accommodate growing demand in the next phase.
The crypto community has shown interest in Bitcoin-like assets. For instance, BTC20, a Bitcoin derivative on Ethereum, saw a seven-fold price rise after its Uniswap listing. This highlights the potential for BTCBSC to follow a similar trajectory in the coming weeks.
Per the Bitcoin BSC whitepaper, BTCBSC adopts a greener Proof-of-Stake mechanism while departing from Bitcoin's energy-draining Proof-of-Work system. This model encourages long-term holdings by offering stake-based returns.
14.55 million tokens are set aside for staking. Aligned with Bitcoin's long-term vesting strategy spanning 120 years, BTCBSC aims for sustainable growth.
Currently, the platform offers an APY exceeding 350%—a figure expected to reduce as more people participate.
Moreover, Bitcoin BSC offers faster and less expensive transactions than its Bitcoin and Ethereum counterparts.
The presale aims to collect up to $3.96 million, potentially reaching over $6 million with the additional tokens. Excess tokens will be funneled back into the staking pool.
For the latest updates, interested buyers can join the BTCBSC Telegram channel.
| Presale Started | September 5 2023 |
| Purchase Methods | ETH, USDT, BNB, Credit Card |
| Chain | BNB Smart Chain |
| Min Investment | $10 |
| Max Investment | None |
3. Tamadoge - Small-Cap Play-to-Earn Ecosystem With Hugely Successful Presale Campaign
For those that do not wish to wait for the IMPT presale to conclude, Tamadoge is perhaps the best crypto to trade right now. In fact, Tamadoge could be suitable for both short-term and long-term trading strategies. Tamadoge is a new cryptocurrency project that is building a play-to-earn game.
This means that players can earn crypto rewards for engaging with the Tamadoge ecosystem. The game requires players to mint an NFT, which will subsequently create a unique Tamadoge pet. The pet must be trained, feed, and cared for. The goal is to fight other Tamadoge pets to win TAMA tokens. This is the native token for the Tamadoge project.
The Tamadoge whitepaper suggests that TAMA could be one of the best long-term cryptocurrency investments - considering that its development team will be working on the project deep into 2023. Some of the most notable roadmap targets include building a mobile app that will offer augmented reality experiences.
Nonetheless, in the short term, Tamadoge has already proven that it is one of the best cryptocurrency to trade. For instance, when the presale concluded after raising $19 million, Tamadoge went from a price of $0.02 to $0.20. This means that TAMA generated gains of 1,000% in a matter of days - even though we are in a bearish cycle.
However, as of writing, the price of TAMA has dropped to $0.036 - a decline of 80% from the aforementioned high. Seasoned traders will perhaps view the price action of TAMA as an opportunity to buy the dip. After all, with a market capitalization of just $40 million, it won't take much to reverse the trend.
4. 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.
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.
6. 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.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
7. 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.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
8. 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%.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
9. 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.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
10. 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.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
11. 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.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
12. 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.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
13. 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.
Crypto Trading Basics
The main thesis of trading crypto is to buy a digital asset - 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 IMPT or Tamadoge, 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 IMPT, Battle Infinity, and Tamadoge - 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 Wall Street Memes. It is a community-focused meme crypto with over a million followers across several social media channels that raised over $25 million. It also offers an APY of over 60% with tokens only priced at $0.0337 USDT at press time.
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 Wall Street Memes or Bitcoin BSC.
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