With the rise in popularity of cryptocurrencies in recent times, many people around the world have decided to invest in certain cryptocurrencies. But a cryptocurrency which is hugely popular in one area may not be as popular in another country.
Whether it is because of cultural beliefs, or just by coincidence, the popularity of cryptocurrencies changes in different parts of the world. In some countries, cryptocurrencies like Bitcoin might be the most popular. Meanwhile in other countries, alt coins might be more popular.
If you are curious to find out about which cryptocurrency is most popular in your country, then keep reading to find out about some of the most popular cryptocurrencies around the world.
You may know about the controversy that has been taking place in Russia in regards to cryptocurrencies. In 2020, the Russian government granted cryptocurrencies legal status, but prohibited their use as methods of payment. In 2021 however, the Russian central bank speculated that they might be looking to ban cryptocurrencies in the country.
Despite all the controversy and uncertainty with cryptocurrencies in Russia, its people certainly like to use cryptocurrencies. Some recent data suggests that Russians trade about 5 billion U.S dollars every year with cryptocurrencies. The 5 most commonly used cryptocurrencies in Russia are: Bitcoin, Ethereum, Golos, Litecoin, and Dogecoin.
It might not come as a surprise that Bitcoin was the most popular cryptocurrency in the country in 2021. This can be mainly because there are some hotels and restaurants within Russia’s border which already accept Bitcoin as a payment method.
Even less of a surprise, is the fact that Ethereum is the second most popular cryptocurrency in the country. This is because it was founded by Russian-born Vitalik Buterin. A cool fact you may not realize about Ethereum is that the Russian government has actually implemented the Ethereum blockchain into their elections to make it more transparent.
The U.S is perhaps unsurprisingly, the country where cryptocurrencies are traded the most. There are very few regulations, and as a result many companies have popped up in recent years to help the general public get involved in cryptocurrency investments.
The list of the five most popular cryptocurrencies in the U.S starts with Bitcoin, followed by Ethereum, Binance Coin, Tether, and Solana. This is an interesting mix of stablecoins such as Tether, and some alt coins like Binance Coin and Solana.
Although it is no surprise that Bitcoin and Ethereum are on the list, some of the other currencies on the list might come as a shock to some. For those of you that don’t know, Binance Coin is the exchange token of the popular cryptocurrency exchange Binance. The popularity of this coin can be largely attributed to the popularity of this crypto exchange in the cryptocurrency world. Think of it like a loyalty card that you would have for a retail store, only it’s for a cryptocurrency exchange instead.
A surprising member of the list is Tether (USDT). This cryptocurrency is a special type of crypto called a stablecoin. That is because Tether has a value which is backed by fiat money. This coin mirrors the value of the U.S dollar…to an extent. Stablecoins are preferred by people who don’t want to take a huge risk by buying volatile coins, but still want to get involved in the cryptocurrency space. Although Tether isn’t the best stablecoin option (there are many controversies surrounding the coin) it is still slightly safer than some other cryptocurrency investments which aren’t stablecoins.
China, South Korea, and Japan
It is no secret that these three countries are amongst the most important in the cryptocurrency world. These three countries have a large influence on the cryptocurrency market. Whenever the Chinese government threatens banning the use of Bitcoin, the prices of the crypto market crash.
Information on what the most popularly traded cryptocurrencies in these countries is very limited due to the limitations of the general public to trade with cryptocurrencies. However, it is no surprise that the estimates show that Bitcoin, Ethereum, and recently Dogecoin are amongst the most popular.
No one is shocked to find out that Bitcoin and Ethereum are amongst the most popular. These two cryptocurrencies are the two most popular in the entire crypto market. It is for this reason that they are the most popular in these countries and throughout most of the world.
These particular three countries are even taking steps to use cryptocurrencies more. China has announced that it has plans to take its own currency, the yuan, digital. South Korea has announced that it has plans to create a state sanctioned cryptocurrency similar to that recently made by the Chinese government.
India is the last country on the list. As cryptocurrencies take over the world, it only makes sense that the country with the second highest population is heavily involved in the crypto market. The list of the top 5 most popular cryptocurrencies in India however probably isn’t what you are expecting.
Number one on the list is Ethereum, followed closely by Tether, third on the list is Cardano, number four is Bitcoin, and last but not least is Binance coin. You probably recognize this list as being the same as the US list. It is also surprising that crypto coins like Tether and Cardano are higher on the list than Bitcoin.
Although it is surprising to see Cardano higher on the list than Bitcoin, it somewhat makes sense since the price of Cardano is only a few dollars compared to the thousands of dollars one Bitcoin costs. India is largely a country of those who live hand to mouth and can’t afford to save thousands of dollars for a single cryptocurrency. Additionally, many Indians think Cardano offers a better opportunity for high returns on investment as it has a lot more room to grow. This of course doesn’t take into effect the fact that Cardano is a riskier investment.
One reason why Ethereum is #1 on the list might be because it has more use as a method of payment. This is because most websites that use cryptocurrencies as payment methods only work with Ethereum. It will be interesting to see the future of Ethereum adaptation with the addition of an even better system slated to be implemented soon, Ethereum 2.0.
Overall, the most popular cryptocurrencies throughout the world don’t change very much from one country to another. Cryptocurrencies like Bitcoin and Ethereum are on the list of every single country that was covered on this list. Despite many similarities, it is very interesting to see that some alt coins have risen to be among the top 5 cryptocurrencies in some countries. And maybe now you have an idea of which cryptocurrencies might be a good investment for you.
Remember, investing in cryptocurrency is always risky, and you should never invest any money you don’t intend to lose.