Is there any reason to day trade anything other than bitcoin?

[Suslura]

If you're using an AI model like mpcx there's definitely a reason to day trade some alts

It seems to me that under the current conditions in the foreign exchange market it is very difficult to trade in other cryptocurrency assets, except ethereum and Bitcoin.  Perhaps there are still some coins, but according to the degree of their volatility, the risk also increases.  Most likely today only professionals work in this field of activity.

[1714197284]

1714197284

[1714197284]

1714197284

[1714197284]

1714197284

[1714197284]

1714197284

[TheUltraElite]

When it come to long term holding, bitcoin and some strong altcoins like ethereum and xrp are good choices because they are already proven in the past.

Only bitcoin is what is important. Rest are all having flaws that can make your money disappear like dust or locked up in such conditions that you will be unable to get them back or fall in trouble trying to get them back. XRP is a pure shitcoin at its best. Centralized coin that is controlled by banks. Use it at your own risk.

But many of the altcoins has already their ability to go up and create their own all-time high.  So I believe that there are valid reasons to trade in altcoins because some of them are also profifable like bitcoin.

I wont say they are as profitable as bitcoin. If you are someone who can handle the pressure of having to hold something when it is at 200% loss till it goes back up crossing the break even line then you are should be my guest investing in it.

[Al-e_x]

There are so many reasons not only to trade bitcoin, you can trade altcoin and invest in it, because in my opinion the fastest profit is by trading altcoin

[jerry0]

Aren't your high fluctations going to be with altcoins though?

[buwaytress]

If you're using an AI model like mpcx there's definitely a reason to day trade some alts

I've (unfortunately) spent my time in 2016/17 looking at AI solutions/deep learning/NLP/machine algorithms etc trying to flip money doing alt trades or even Bitcoin, for that matter.

Problem with all these was their timing, running up to the great bull of 2017. Any fool and AI could make money day trading, the volatility was incredible then.

I don't know a single one that consistently made profits once the entire market started flailing. And then, when Bitcoin entered its sideways mode, alts did even worse. And if you're looking for swings the way day traders do, you'll appreciate that btc/usd has far more opportunities even today than btc/alts.

[TheUltraElite]

There are so many reasons not only to trade bitcoin, you can trade altcoin and invest in it, because in my opinion the fastest profit is by trading altcoin

The fastest loss is also in altcoin. Its a higher risk zone investment if you ask me. While that may seem exciting for you but it is not so for the rest of the members of this forum who dont have a huge stashes of money to spend. What they prefer is to invest in something that can give you a decent profit in the long term and wont go down in a few months. For them bitcoin is obviously the better choice.

-snip-

Stop shilling your altcoins. Having a 200% gain in a short time is a sign of a pump and incoming dump. So take caution before buying those coins.

[EXtremeAEX]

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.

You know, there is such a thing on the market as the season of altcoins. At this time, the price of almost all altcoins begins to grow rapidly. This time is just great for daily trading. I recommend you to pay attention to this period.

[Snaic]

According to my observations, since April, the situation on the cryptocurrency market has developed quite a good situation for a daily roof.  Especially if you take into account positive trends in price fluctuations in ethereum and Bitcoin, professionals really took advantage of this.

[shulc7]

There are so many reasons not only to trade bitcoin, you can trade altcoin and invest in it, because in my opinion the fastest profit is by trading altcoin

Bitcoin is good for investments now. There is no one reason to trade it under the current market conditions. There are over 2000 tokens - choose them for trading. Make the pairs, and if you succeed, the profit can be good.

[TheUltraElite]

According to my observations, since April, the situation on the cryptocurrency market has developed quite a good situation for a daily roof.  Especially if you take into account positive trends in price fluctuations in ethereum and Bitcoin, professionals really took advantage of this.

Honestly we are seeing a good price pump in the market this month. Bitcoin touched 11k USD once more and the bulls seemed to have gained the upper hand for now. I am sure many people are happy that they got their sell orders at these levels seen through so they have some money at hand ready to put back in the market. The bears are obviously not happy and are going around shilling their own shitcoins which piggyback the rise of bitcoin.

Next up we should be going up to 15k soon, so hold on to your belts folks! I am personally hoping a small dump before that as well. So that should be a good time to buy some bitcoin as well unless it continues upward.

[BaseFEX]

If you do margin trading with more than x5 leverage you can possibly earn big bucks from day trading.
Source: what we have seen among our users. Plenty of them open and close positions within a day.

[pinkpanther03]

If you feel that day trade can give profit everyday, you can able to implement anytime you want.
Because for me Bitcoin was only good for long term only then for day trading altcoins was the best
tools on this method for us to ear more in trading.

[lumierre]

Bitcoin is a more reliable investment and has a higher capitalization, but compared to many other cryptocurrencies, it is less likely to grow 10-20 times in the next few years

Yes, sure, but the question was about day trading. There is a lot of conflicting information about these strategies with cryptocurrencies. People can also use different of them, some of which are meaningless. You will meet “experts” who advise you to choose altcoins with minimal volatility. However, since volatility is a friend of the day trader, such advice is contrary to common sense.

[hizzy]

I thought about this several times, but have not yet found a suitable exchange. Do you think Whitebit  will be good?

[Bitcoin Seller]

If you feel that day trade can give profit everyday, you can able to implement anytime you want.
Because for me Bitcoin was only good for long term only then for day trading altcoins was the best
tools on this method for us to ear more in trading.

Day traders usually use at least 5-7 pairs, and Bitcoin is not always the best choice for this business. Everything depends on the chosen strategy. The first step to do here is to create a portfolio, filling it with the "right" tokens that can be good pairs potentially. Further, the exchanges should be chosen (and not one as some guys offer here). Pick at least 3 exchanges to deal with.

[1BTC EQUALS 1CAR]

If you are impatient and does aim for a maximum profit then yes. I mean, honestly I don't have a lot of money and I will not just wait for bitcoin to spike because it will take me months. However, my chances can be increased if I gamble on other altcoins. It's still up to you bro to make the final decision and I am just here to give suggestion. My decision has given me good and best results though.

[awik p]

If you are impatient and does aim for a maximum profit then yes. I mean, honestly I don't have a lot of money and I will not just wait for bitcoin to spike because it will take me months. However, my chances can be increased if I gamble on other altcoins. It's still up to you bro to make the final decision and I am just here to give suggestion. My decision has given me good and best results though.

There is nothing wrong with your mission, the important thing is we must know our goals and be consistent with the plan. we must know that trading on altcoin with greater volatile means it has a greater risk. but if the market reality is in accordance with the analysis, big profits will be obtained. I think it depends on everyone's trading style to choose BTC or altcoin

[udidrone]

If you are impatient and does aim for a maximum profit then yes. I mean, honestly I don't have a lot of money and I will not just wait for bitcoin to spike because it will take me months. However, my chances can be increased if I gamble on other altcoins. It's still up to you bro to make the final decision and I am just here to give suggestion. My decision has given me good and best results though.

There is nothing wrong with your mission, the important thing is we must know our goals and be consistent with the plan. we must know that trading on altcoin with greater volatile means it has a greater risk. but if the market reality is in accordance with the analysis, big profits will be obtained. I think it depends on everyone's trading style to choose BTC or altcoin

It is like how to survive, people usually have their own strategy. As long we can manage profit and can manage our trading activity, day trading, or long term trading is not a serious problem. But it is true if day trading with bitcoin sometime not good thing to do because bitcoin price move slower and sometime it is only a little percent. So for day trading will need big capital of money.

[TheUltraElite]

I think it depends on everyone's trading style to choose BTC or altcoin

No. Bitcoin traders are those understand the risks associated with bitcoin and the possible sources of price reduction or gain. They are more veteran of the traders and most of the time have been those disgruntled by the problems with different altcoins which have promised something but failed to deliver it. Most altcoins are more attractive to the newbie traders trying to get lucky. Trading altcoins, you need to be a very vigilant trader and time aware.

You never know when the pump or dump is going to end and when the project owners are going to sell out their tokens. This is also the reason why altcoin projects fail to deliver anything at all useful and is the source of dissent among the community.

[CryptopreneurBrainboss]

Most altcoins are more attractive to the newbie traders trying to get lucky. Trading altcoins, you need to be a very vigilant trader and time aware.

You never know when the pump or dump is going to end and when the project owners are going to sell out their tokens.

That's why in my opinion altcoins are the most interesting coins to trade. The industry (altcoin industry) is so unpredictable that if you're at the right place at the right time and make the right decision you can profit massively than trading bitcoin. Trading bitcoin isn't that profitable with small capital like altcoins although you have to pick the correct period to engaging in trading them.

The current market period doesn't encourage Altcoin trading neither does it encourage investing in any random project out there. We're in the season of bitcoin trading, while holding your altcoins with hopes of future price increase. Very soon the bitcoin market will experience mostly uptrend as we build toward the halving of block reward incident then trading will become less profitable compared to holding.