You may not have reasons to trade other altcoins but some of us have reasons not to trade only bitcoin , reasons such as paucity of funds etc.
If I don't have $4k+ to buy bitcoin ,then the only alternative is trading other altcoins.
Again , it will not make logical sense for one who has the money for bitcoin to buy only one ....the more quantity the better the profit.
Topic: Is there any reason to day trade anything other than bitcoin? - page 9. (Read 20916 times)
Agreed with OP. Bitcoin has the most high changing of price and logic says me that it's trade can be more profitable. With other coins you'll need to wait long for making of some serious profit or to be satisfied with small daily profit.
Maybe my only reason is day trading with bitcoin usually take longer time because bitcoin price move slowly, even it is fast but not much spread. If in alt, if that altcoin have a lot of volume trading, it can mov with spread that can we used to take profit from it. So it is fit for daily trading.
I mostly depend on Bitcoin because that is the only coin that you can use your technical analysis to predict its price accurately and any trade you go into without basing it on technical analysis will just be a guess work.Don’t get me wrong, ETH and LTC are okay and they are performing well in their own space and also meeting up to the reason why they were establish but it is not so easy to really analyze them and also, the volatility of a coin is what can make one to have a huge profit on one’s investment which these two coins are not as volatile as much as BTC is, but all still depends on the one that makes the trader more comfortable.
The only thing is the situation and his needs will decide the person to who make his journey as a long-term or the short-term otherwise everything will be profitable in this field it depends and everyone situation and the difficulties in his life.
Yeah, it is possible in day trade, You could see a huge number of altcoins are here and i think they are best for day trading wise, If you know about them very well. Information wise you could do in trading then it will not matter that you are doing day trading or other than.
IF you are talking about only the possibility then yeah it is possible but if you are asking about its advantages and disadvantages then I would like to say it is not good to trade with other coin than bitcoin because I spent 3 years with crypto currency but I did not found anyone making profit from day trade with anyone other altcoins than bitcoin.
imo bitcoin is actually a bad medium for doing day trade or trading due to its higher value . you can only buy smaller amounts because its expensive and you can only earn small amounts of profit because you buy them at a high price and whats worst is that you can loose big when the value dumps . imo bitcoin is only good for a currency use ( ex. for buying , paying ) . while altcoins on the other hand are the one that is suitable for trading purposes because they are smaller/lighter . they are inexpensive , you can buy them anytime of day . you wont regret if you loose because you will only loose small .
Yeah, it is possible in day trade, You could see a huge number of altcoins are here and i think they are best for day trading wise, If you know about them very well. Information wise you could do in trading then it will not matter that you are doing day trading or other than.
Oh well, I have been short trading with ADA and with some other altcoins. Basically, it is possible to daytrade other than bitcoin though i gained just small amount of profits from them. But sometimes, some of my altcoins were really pumped doubled and tripled from my entry price. Day trading can also be beneficial. But to tell you honestly, I am selecting wisely what coins should i day trade.
Yes, because there's like Eth or eos that has a lot of user that isi very actively traded in the market. Eth is always the go to when investors want to participate in ICo so if there's a huge oppotunity in an ICO, there's a lot of ETh that is going to be bought. And like Eos and tron, they are very popular in gambling.
Day trading other altcoin is also good. Altcoin rise faster rhan bitcoin and can give good profit in no time. Just that altcoin are volatile and one need to be careful while trading them do as not to get burnt
Maybe my only reason is day trading with bitcoin usually take longer time because bitcoin price move slowly, even it is fast but not much spread. If in alt, if that altcoin have a lot of volume trading, it can mov with spread that can we used to take profit from it. So it is fit for daily trading.
Bitcoin is essentially the most interesting crypto, so many people trade Bitcoin.
With so many platforms that support Bitcoin, it is also a plus and Bitcoin is also used as a pair of trades that exist on each exchange.
so in my opinion that Bitcoin has a lot of facilities so Bitcoin is much easier to trade than other coins.
With so many platforms that support Bitcoin, it is also a plus and Bitcoin is also used as a pair of trades that exist on each exchange.
so in my opinion that Bitcoin has a lot of facilities so Bitcoin is much easier to trade than other coins.
It depends on liquidity and volatility of the coin. For example, it is not bad idea to trade eth or ltc.
Alts are more volatile than BTC which can work both to your advantage and to your disadvantage. I typically do not trade with very low-volume coins or very new coins as trading such coins and tokens is more risky than trading older and higher-volume coins IMO, but there's also more profit to potentially be had in them. BTC also does not seem to be completely leading the way out of the $3000s doldrums, with alts like LTC seeing signfiicantly more percentage gains in the last month and week.
Trading with bitcoins means shorting bitcoins, you sell your BTC into fiat or a stable coin, and then you buy back your Bitcoins when the price of bitcoins has fallen!
I did make a few small trades like that in 2018, but generally, I'm too afraid of losing a large portion of my bitcoins into a sudden overnight bull run, so I try only to trade with altcoins.
That's the key process with gambling, but this won't happen throughout. At times the market fluctuation completely differs and go away from the prediction. When this happens in the day trade the loss is big and users find it hard to overcome. Even it is hard with altcoins as well, because we don't know which coin is gonna grow within specific time frame. In long term observation with long term holding can get the best out of the same.I did make a few small trades like that in 2018, but generally, I'm too afraid of losing a large portion of my bitcoins into a sudden overnight bull run, so I try only to trade with altcoins.
Swing trades can really be done.Risk is high though compared on longer orders but chances on making profits is high yet these are indeed volatile since they are mostly
being traded.If you are afraid to lose money then day trade wont really be for you.
Serious discussion please.
Obviously some alts can have significantly bigger gains than bitcoin when it comes to long term and bull runs, the last bull run from 6k to 10k for example, sure bitcoin was strong, almost a 2x but some of the top alt coins did more than a 2x even 3x. However that's only long term.
Short term I don't see any reason to trade anything other than bitcoin, especially knowing how little volume some of the other coins have, even top 10 alt coins, for example stellar only has 33m volume. So my question is, what's the point of trading stellar, for example, instead of bitcoin? You know that even if you are a whale and trade a lot, you wont be moving the market as much, if you have 1m and you trade stellar, that's already huge and we all know the 33m volume is probably not even real, a lot of it from bots trading.
It's also much easier to follow bitcoin because, well, the whole market follows bitcoin. Bitcoin dictates where the market goes.
my opinion is that day trader always need to be careful this is the only problem here in day trading and it is also the plus point for getting daily income every time so when the the risk always increasing the profit are also increasing so I don't think it will not been a bad idea to make money. Obviously some alts can have significantly bigger gains than bitcoin when it comes to long term and bull runs, the last bull run from 6k to 10k for example, sure bitcoin was strong, almost a 2x but some of the top alt coins did more than a 2x even 3x. However that's only long term.
Short term I don't see any reason to trade anything other than bitcoin, especially knowing how little volume some of the other coins have, even top 10 alt coins, for example stellar only has 33m volume. So my question is, what's the point of trading stellar, for example, instead of bitcoin? You know that even if you are a whale and trade a lot, you wont be moving the market as much, if you have 1m and you trade stellar, that's already huge and we all know the 33m volume is probably not even real, a lot of it from bots trading.
It's also much easier to follow bitcoin because, well, the whole market follows bitcoin. Bitcoin dictates where the market goes.
Trading with bitcoins means shorting bitcoins, you sell your BTC into fiat or a stable coin, and then you buy back your Bitcoins when the price of bitcoins has fallen!
I did make a few small trades like that in 2018, but generally, I'm too afraid of losing a large portion of my bitcoins into a sudden overnight bull run, so I try only to trade with altcoins.
That's the key process with gambling, but this won't happen throughout. At times the market fluctuation completely differs and go away from the prediction. When this happens in the day trade the loss is big and users find it hard to overcome. Even it is hard with altcoins as well, because we don't know which coin is gonna grow within specific time frame. In long term observation with long term holding can get the best out of the same. I did make a few small trades like that in 2018, but generally, I'm too afraid of losing a large portion of my bitcoins into a sudden overnight bull run, so I try only to trade with altcoins.
There is no better pair to trade than BTC/USD, and this is the best time right now while the market is in uptrend. ETH is possible paired with USD but only because the market is also in the good condition other than that you can't just trust any other coins. And I would jsut add do it binance too.
Based from my experience, I only limit my trading to Bitcoin and ETH as they are both included at the top 5 cryptocurrencies for investing/trading. You should base your decision depending on the volume of each coin. The higher the volume, the higher the liquidity and exchange.
Like what most people mentioned, the higher the risks the better the reward. But never forget the number essential rules in trading:
Set a limit on your maximum allowable money for trading; never be greedy; have self-discipline before engaging; and never go all-out UNLESS you are confident enough (backed with technical analysis and research) that the price will increase.
There are altcoins that have potential to be profitable but they are mostly focused for long-term trading. Day trading is only suitable for highly volatile coins like bitcoin since its price may skyrocket without any given notice, unlike most alternate coins.
Like what most people mentioned, the higher the risks the better the reward. But never forget the number essential rules in trading:
Set a limit on your maximum allowable money for trading; never be greedy; have self-discipline before engaging; and never go all-out UNLESS you are confident enough (backed with technical analysis and research) that the price will increase.
When comes to day trade it will need a cute investment and huge profit in quick period of time so it can be given from the Bitcoin only because The Other investment will not be probably a good investment in the day trading option.
There are altcoins that have potential to be profitable but they are mostly focused for long-term trading. Day trading is only suitable for highly volatile coins like bitcoin since its price may skyrocket without any given notice, unlike most alternate coins.
Trading with bitcoins means shorting bitcoins, you sell your BTC into fiat or a stable coin, and then you buy back your Bitcoins when the price of bitcoins has fallen!
I did make a few small trades like that in 2018, but generally, I'm too afraid of losing a large portion of my bitcoins into a sudden overnight bull run, so I try only to trade with altcoins.
I did make a few small trades like that in 2018, but generally, I'm too afraid of losing a large portion of my bitcoins into a sudden overnight bull run, so I try only to trade with altcoins.
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