For day trading, they are based on high liquidity and high volatility. However, they should be approached with extreme caution due to their speculative nature and sensitivity to news. Trading them requires a robust risk management strategy.
They are heavily influenced by news and statements from influential figures (such as Elon Musk for Dogecoin), and the movement of their communities on social media. This can create rapid trading opportunities but also makes price movement more difficult to predict.
For other currencies, this depends on the activity of their communities and any developments in their projects.
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