Photo: Art Rachen
With a market value of over $1.5 trillion, cryptocurrency occupies a colossal place in the broader financial sphere. Within a limited span, this relatively new currency market has garnered a lot of attention and hype, not just in Canada but worldwide.
However, note that only a handful of digital coins are responsible for the crypto market uplift, despite thousands of them existing in the market. For instance, Bitcoin and Ethereum are the two most popular and coveted cryptocurrencies in Canada, which account for more than half of the total crypto market value. Besides these big-league coins, numerous other altcoins have also skyrocketed in popularity thanks to their unique features and innovative operational models.
Here are some trending cryptos in Canada that should be on your radar.
Known as the original cryptocurrency, Bitcoin is the most sought-after peer-to-peer currency with a market capitalization of over $450 billion. The network maintains its integrity and verifies transactions via the Proof-of-Work protocol, which requires miners to solve computational puzzles.
Bitcoin has gained remarkable value compared to its early years. BTC, which was valued at approximately $100 in 2013, is now hovering around $21,000, showing a cumulative gain of 24,900%. Although Bitcoin has significantly crashed from its November 2021-peak, the loyal investor base offers it solid downside protection, signifying an optimistic long-term outlook for Bitcoin.
Moreover, like all cryptocurrencies, Bitcoin is also a highly volatile financial product with frequent ups and downs. For traders who want to capitalize on these volatile price swings, crypto CFD trading is one of the best options out there. CoinSmart Canada is a reliable brokerage service where users can easily trade Bitcoin CFDs with customized analysis tools, high-technology software, and advanced trading objects in a protected environment.
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Ethereum is more than just a cryptocurrency. It is a blockchain-based decentralized platform with smart contracts functionality powered by a native coin, Ether (ETH).
The network enjoys immense popularity among programmers and developers due to its diverse ecosystem supporting dApps, NFTs, and DeFi. Moreover, Ethereum is moving towards the eco-friendly Proof-of-Stake consensus model as a part of its widely anticipated upgrade, known as “The Merge.”
With a market cap of $150 billion, Ether (ETH) has gained more than 16,000% in value from 2016 till now.
Popular as the Ethereum competitor, Solana is an open-source blockchain specifically designed for DeFi, dApps, and smart contracts. It utilizes a hybrid consensus protocol to maintain high scalability and lightning-fast processing times.
Solana came to surface in 2020, and its native token (SOL) quickly grabbed a spot among the top 10 cryptocurrencies by market cap. It exploded in popularity last year, reaching a peak of $250 by the middle of 2021.
Litecoin is a fast and secure cryptocurrency with quite a similar protocol to Bitcoin. Having a market capitalization of more than $3 billion, Litecoin shines with its fast block times and low transaction fees appropriate for micro-payments. Moreover, with its Mimblewimble Extension Block (MWEB) upgrade, Litecoin is set to be the most fungible, cash-like cryptocurrency with high scalability.
If you want to trade Litecoin and take advantage of its volatility, several brokerage platforms like CoinSmart Canada incorporate this digital asset. Currently, the coin is trading at around $43.
