Thousands of cryptocurrencies have come onto the scene in the past decade, which can make it overwhelming for those new to the sector. Investors often look at what others are doing to see where the most potential lies, which is why it is so important to know what the most popular cryptos are if you’re based in Canada.
The cryptocurrency market in Canada is expected to reach CAD1.8 billion by the end of 2025, with the average revenue per user expected to be CAD146. This user base is constantly expanding, with an estimated 12.7 million users in Canada by 2026.
But where are these users investing their money, and which cryptos are enjoying the most interest and success?
1. Bitcoin (BTC)
Price: CAD150,118.00
Market Cap: CAD2.99T
Bitcoin was created by Satoshi Nakamoto (a pseudonym) in 2009. It is the first cryptocurrency, and it operates on the blockchain. It is a very secure crypto because of proof of work, whereby any additions to the public ledger must be verified.
Bitcoin has quickly become the most popular crypto in the world. All the best crypto casinos in Canada accept BTC deposits and withdrawals, adding an extra layer of anonymity for privacy-conscious gamblers while also reducing transaction fees and speeding up payouts. It is also accepted increasingly by online retailers, and Bitcoin ATMs are becoming more common where crypto can be exchanged for Canadian dollars.
2. Ethereum (ETH)
Price: CAD5,097.43
Market Cap: CAD614.78B
Ethereum doubles as a blockchain ecosystem and a cryptocurrency. It is often used by developers to create smart contracts, non-fungible tokens (NFTs), and decentralized applications (dApps). This is made possible through the Ethereum Virtual Machine (EVM) and Solidity programming language.
3. Tether (USDT)
Price: CAD1.41
Market Cap: CAD258.01B
Tether is different than most other popular cryptocurrencies. It is a stablecoin, and is peggedto a fiat currency, in this case the US dollar. That means it is not susceptible to price fluctuations like other cryptos and will always have the same value as the fiat it is linked to.
Tether is preferred by risk-averse investors who don’t enjoy the volatility of traditional crypto coins.
Although Tether is pegged to the USD, there is also a stablecoin backed by the Canadian dollar, QCAD, however, it is not yet as popular.
4. XRP (XRP)
Price: CAD3.29
Market Cap: CAD197.81
XRP was created by Ripple’s founders. Ripple is a payment processing and digital tech company, and XRP can be used on this network to facilitate instant cross-border transactions. XRP bridges the gap between different fiat currencies, and the transactions incur very low fees.
This crypto is not mined, like Bitcoin, but instead enters circulation when Ripple decides to sell coins. This has raised concerns as it is not a decentralized coin, since the supply is being controlled.
5. Solana (SOL)
Price: CAD232.24
Market Cap: CAD128.33B
Solana takes a novel approach to security by using both proof-of-history and proof-of-stake mechanisms for fast, safe transactions. It can process thousands of transactions each second. Similar to Ethereum, Solana is a blockchain-based platform where developers can create smart contracts and dApps. SOL is the native token that is used on this platform.
6. Zcash (ZEC)
Price: CAD671.41
Market Cap: CAD10.97B
Zcash makes use of zero-knowledge proofs on an encrypted ledger, with a big focus on privacy. This technology, called zk-SNARK, verifies transactions without revealing any details of those transactions.
Most cryptocurrencies are not truly anonymous, but instead pseudonymous. Although user identities aren’t revealed, users have public addresses that can potentially be traced back to them.
Zcash transactions don’t reveal these addresses when receiving or sending funds, making it truly anonymous.
7. Binance Coin (BNB)
Price: CAD1,390.65
Market Cap: CAD191.46B
Binance Coin is specifically designed to be used on the crypto exchange, Binance. It was launched in 2017 and has since become extremely popular, surpassing the boundaries of the Binance platform. It acts like any traditional cryptocurrency now, and can be used for trading or online retailers. It can also be exchanged for other cryptos.
8. Dogecoin (DOGE)
Price: CAD0.24
Market Cap: CAD36.19B
What started out as a meme has quickly become one of the most notable cryptocurrencies in the world, backed by world leaders and tech moguls alike. It is backed by a large community who are there for both the memes and the coin’s potential.
Dogecoin has no maximum supply, with new coins continuously being mined. Around 5 billion Dogecoins are mined each year. This makes it an inflationary currency, but it is susceptible to devaluation since there’s no cap on supply.
9. Aster (ASTER)
Price: CAD1.26
Market Cap: CAD2.55B
Aster is a cryptocurrency that is the native utility token for the Aster decentralized exchange (DEX). The token is used for rewards, governance, and drives the growth of the Aster ecosystem. This exchange offers both spot and perpetual trading across several blockchain networks, including Binance, Ethereum, Arbitrum, and Solana.
10. Cardano (ADA)
Price: CAD0.79
Market Cap: CAD28.71B
Cardano is considered a “next-generation” platform that overcomes limitations of the first blockchains, like Bitcoin. It uses a proof-of-stake process to decrease its environmental footprint, and like Ethereum, it supports the development of dApps and smart contracts.
