Bitcoin seems to be the most prominent cryptocurrency on the public’s lips, and rightly so. It remains the most significant cryptocurrency on the market.
That market, though, has been flooded with literally thousands of different digital currencies.
There is a name for these coins; they are called ‘altcoins‘ – alternatives to Bitcoin.
Since its debut in 2009, Bitcoin has remained the largest and most popular cryptocurrency in Canada and remains a public favourite. Even though Bitcoin remains the biggest in the market, more cryptocurrencies are starting to catch up and become well-used. Here are some of the most popular cryptocurrencies on the Canadian market.
Most Popular cryptocurrencies in Canada
1. Bitcoin (BTC)
Bitcoin started the cryptocurrency era and remains the most widely used coin. It is generally impossible for people around the world to speak about cryptocurrency without talking about Bitcoin.
Market cap: $1.3 trillion
2. Ethereum (ETH)
Ethereum is the second-most popular cryptocurrency platform you may have heard in the Canadian crypto space. It is a diverse system that allows users to perform different functions, but its popularity is attributed to its smart contracts feature.
Market cap: $574 billion
3. Binance Coin (BNB)
Binance Coin is the official cryptocurrency of Binance, one of the largest crypto exchanges in Canada. However, it was created to serve as a token to aid with payments for discounted trades. Binance Coin is now used for day-to-day transactions just like any other cryptocurrency.
Market cap: $109 billion
4. Solana (SOL)
Solana is a new cryptocurrency that was launched in March 2020. It prides itself on the speeds at which transactions are done on the platform and its overall robustness.
Market cap: $74 billion
NB: The above prices were taken on 27/11/2021
Most popular crypto exchanges in Canada
Choosing the right cryptocurrency exchange could differ between making it in the crypto space or completely flopping and failing. The cryptocurrency exchange you choose could affect how profitable your day-to-day trades are, how speedily you can buy and sell assets, and, unfortunately, if you will ever get your money or any profit in the first place.
This might come as a surprise, but they are many cryptocurrency exchange scams running, even in Canada. In 2019, thousands of everyday Canadians lost millions of dollars in the QuadrigaCX scandal and, to date, these people still haven’t seen their money.
Therefore, it is essential to choose a secure Canadian cryptocurrency exchange that is user-friendly and will keep your money safe. Here are three of the most popular exchanges in Canada:
CoinSmart takes the gold for the best cryptocurrency exchange in Canada. If it is a new name to you, that’s because it has been focusing on improving trading services and not on marketing. But if you meet any veteran Canadian crypto trader, they are sure to tell you that this cryptocurrency exchange lives up to its name and is widely viewed as the best in the game.
Crypto.com is a world power in the cryptocurrency exchange business and has recently made its mark on the Canadian crypto market. Reports state that it supports more than 100 cryptocurrencies, making it perfect for any user to invest in altcoins.
This cryptocurrency exchange offers some features that are unique only to it. It allows users to trade and create contracts and also earn interest by staking coins. Users can also make trades with 10x leverage if they are confident in a coin.
CoinSmart might be the best cryptocurrency exchange app in Canada, and Crypto.com makes a strong case for second place, but Bitbuy takes home the bronze. It offers nine cryptocurrencies: Bitcoin, Litecoin, Ripple, Stellar, Bitcoin Cash, EOS, Aave, Ethereum, and Chainlink.
This cryptocurrency exchange boasts about its customer service and has a functional app with an outstanding interface that is well-rated by users. Buyers can fund their account directly from their bank account by making an INTERAC e-transfer or via bank wire, and your deposits will be made quickly.
In conclusion, Bitcoin has remained the most popular cryptocurrency globally since its inception in 2009, and it has continued to grow. Canada has not been left out of this growth and continues to take advantage of this. Although Bitcoin might be the most prominent cryptocurrency in Canada, there are others following closely on that list.