Cryptocurrencies are extremely popular, yet very misunderstood by the average person. While a very small percentage of the population truly understands the ins and outs of blockchain technology, there are dozens of companies attempting to capitalize on this market.
While bitcoin was first launched barely a decade ago, there are now over 1,600 known cryptocurrency options for investors to lean into. However, not all cryptocurrencies are equal – nearly 90% of the market is dominated by just 20 cryptocurrencies.
Still, financial success is not necessarily the determinant of popularity. A recent study by Jira Align analyzed the most searched cryptocurrencies, broken down by state and city – and they found a wide diversity in representation.
Ethereum Classic is Most Popular
Winning out four states and eight cities, ethereum classic takes the title as the most popular cryptocurrency according to Google. This cryptocurrency claims to be more than just a blockchain and emphasizes real people rather than technologically powered robots. Though it’s worth $8.27 US dollars, this platform that connects people in hopes of expanding their digital assets prides itself on being more than just a digital dollar.
Litecoin and Lisk are Close Competitors
Most popular in six cities and four states respectively, Litecoin and Lisk are both strong contenders for the most popular cryptocurrency. With the highly competitive nature of this market, declaring one currency the population’s ‘favorite’ or ‘most popular’ is never completely definite.
Litecoin has recently surged in popularity by 350%, valued at nearly $140 US dollars. This open source P2P or “peer to peer” currency offers users a community, resources, wallet encryption, mining rewards, and much more setting it apart from its competitors. The exponential growth since their 2011 founding indicates high potential for future success in the market.
Lisk is a cryptocurrency created in hopes of expanding access to blockchain building. The goal is to make the development process easier, breaking blockchains and cryptocurrencies down to their most basic level. This is one of the cheaper currencies among the most popular, valued at $2.05 US dollars. Despite the potential to attract a wide audience with little cryptocurrency experience, Lisk has not seen anywhere near the growth competitors such as Litecoin have, leaving investors questioning the future potential.
Whether or not you have experience with cryptocurrency, chances are that you’ve at least heard of Bitcoin. So it may come as a surprise that this leading platform didn’t make the list of top five most popular cryptocurrencies. In fact, it was only the most popular one of the 50 states, Hawaii.
Google popularity or not, there’s no question that bitcoin dominates this market. It’s a household name, even if most people don’t understand the true function or inner workings of the platform. Like many of its competitors, it claims to be the most “innovative payment network” attracting individuals, business and developers alike. While its value in US dollars peaked in December 2017 at over $17,500, it is still worth around $8,000 today and controls approximately 80% of this market – so they’re likely not super concerned about being the most popular cryptocurrency according to Google.