Are you familiar with the market⁉️ How about cryptocurrencies? Would you like to make $100 a day trading cryptocurrency❔
If only things were that simple in cryptocurrency online trading, every trader would leave their 9 to 5 jobs and start analyzing and playing the profitable market.
How Can I Make $100 A Day Trading Cryptocurrency⁉️
There are specific trading strategies that you can use to make $100 a day.
We will go through all of them one by one. Depending on where you lie on the spectrum of dealing with cryptocurrencies, there are a few routes that you can take.
- So, what steps must you take to make $100 a day trading cryptocurrency⁉️
A good amount of math is involved, which may or may not be good news for you. Prediction algorithms, keeping up to date with market trends, analysis, and a steep learning curve are just some things you need to consider, understand, and learn if you want to invest and earn money in cryptocurrency trading, especially for beginners.
Let’s jump in!
1. Trading
The first thing you need to know is the volatility of cryptocurrency. One minute the coin you’re holding is going up, you return from lunch to find out that the price has decreased by 80%. That is how much the cryptocurrency market fluctuates. You must know if a dip is a correction in the market or just a part of the daily volatility.
You need to be on your toes to make money through trading. You should be skilled at using your chosen cryptocurrency trading platform to understand the performance charts and then mix it up with your experience to make a solid judgment call. Trading cryptocurrencies for quick cash is mostly done in the short term. Eventually, you’ll be good enough to make more than $100 daily through trading. But make no mistake, it takes time and experience to master this skill well.
2. Investing
The secret to trading and investing is all about buying and holding. As this whole industry is very new, the growth potential is big, so holding cryptocurrency in the longer term is one of the best ways to make money. You don’t need to be concerned too much about the daily, weekly, or monthly changes in the market as you target a longer date before you sell off your asset.
Unlike trading, what you need to focus on in investing is stable well known cryptocurrencies with good fundamentals . Going for newer options is not recommended because they haven’t been around long enough to be considered a stable and safely appreciating asset.
3. Mining
Mining is when new transactions are locked into the blockchain, solving sophisticated math problems. The first computer to solve the math problem, verifies the transactions, and gets cryptocurrency as a reward.Mining doesn’t require any analytical skills or research for trading platforms.
You don’t have to look out for fluctuations. All of that comes later when you have the currency in your possession. The procedure is pretty straightforward but requires a lot of technical knowledge and a good amount of capital. Setting up a mining rig is not cheap and acquiring the necessary hardware is a challenge, primarily due to the ongoing global chip shortage.
4. Peer To Peer Lending
Peer to peer lending allows you to profit without selling or trading your coins. How it works: you lend the cryptocurrency you have, and, in turn, you get a guaranteed return. Smart contracts are also in place to ensure safe and secure lending. Many crypto trading platforms offer this service.
5. Staking
For the last option, we have staking. This passive income method is safe, you can keep your coins while earning income just by holding these coins.With staking, you keep your digital currency in your web wallet and dedicate it to a specific network. Then, that proof of stake network uses your crypto to validate the transaction held on it. Think of it as a more efficient method than mining, and you get paid like how you would receive interest from a bank.
These are some ways to utilize the coins or capital you have to make a daily profit. But wait, there is more. There are specific trading strategies that you can use on these exchanges or trading platforms to make $100 a day.
For these sure fire strategies to work, you need a minimum of $1,000 as an investment. These strategies are for spot trading. First, you must figure out a few cryptocurrencies that manage a minimum of 10% daily raise.
After that, you invest $1,000 in the one you feel has the best chance of going up. Place a tracker for a 10% raise, and as soon as it hits that marker, the application will notify you, and you can sell it, instantly making a profit of $100.
Just rinse and repeat this process. You can apply the same strategy with $500 and $2,000 by placing a tracker for a 20% and 5% raise, respectively. Both these options will make you $100 every day. You need to remember that fluctuation can happen at any time, so make sure you have your notifications on and be vigilant.
Also, depending on your chosen platform, you will have to pay a trading fee.