One of the biggest investing trends right now is cryptocurrency. In fact, a recent FinanceBuzz study found that a whopping 44% of Americans have added crypto to their retirement savings.
This newer digital asset class is not only an exciting opportunity to grow your wealth but also a way to diversify your investment portfolio. Coinbase, a popular platform for buying and selling cryptocurrencies, was recently added to the Nasdaq exchange as a direct listing. It’s actually the first cryptocurrency company to make this move. This is notable because it signifies that cryptocurrency is taking on a more significant role in our mainstream economy.
In the last 12 months alone, the search interest for “the best cryptocurrency to invest in 2021” has skyrocketed nearly 80,000%. To better understand the popularity of the top-ranked cryptocurrencies in the U.S., our team turned to Google Trends to find out which cryptocurrencies are the most popular in each state.
Read on to see what crypto coins and tokens are the top-ranked.
The most popular cryptocurrency in every state
|Most Popular Cryptocurrency
|District of Columbia
We wouldn’t have been surprised to see the cryptocurrency pioneer, Bitcoin (BTC), as the most popular crypto coin in the United States. However, the data from our analysis shows newer crypto options are far more popular at this point in time, and there's interest in a wide range of coins and tokens. In fact, 18 different cryptocurrencies made our list.
Dogecoin (DOGE) comes out as the most popular cryptocurrency in the United States in 2021. This cryptocurrency won a total of 20 states.
This happens to be 14 states more than the second most popular cryptocurrency, Binance USD (BUSD). Binance USD is tops in popularity in six states from all corners of the country: Pennsylvania, Oregon, North Carolina, New Jersey, Ohio, and Kentucky.
In third place is Chainlink (LINK), a cryptocurrency token. You might be wondering about the difference between a cryptocurrency coin versus a token. Crypto coins are digital assets native to their own specific blockchain (think Bitcoin, for example), whereas crypto tokens are built on a different blockchain network using smart contracts. Smart contracts are programs stored on the blockchain that are automated when a set of conditions are met, namely during crypto transactions.
Chainlink is an evolution from Ethereum’s standard smart contracts, which couldn’t integrate “real world” data (bank payments, retail payments, market data). Chainlink is the most popular cryptocurrency in four states: Vermont, Colorado, Iowa, and New Mexico.
Evaluating the most popular cryptocurrencies in the U.S.
The most popular cryptocurrencies in the United States all have different purposes and uses, and they showcase just how diverse investing in cryptocurrency can be. Here are the top five most popular cryptocurrencies, where they’re from, when they hit the market, and what they’re used for.
1. Dogecoin (DOGE)
Originally created as a joke, Dogecoin was released December 6, 2013, by IBM and Adobe software engineers Billy Markus and Jackson Palmer. Considering the rise of the meme economy, Elon Musk’s Twitter support, and the cult-like following Dogecoin has on Reddit (not unlike the GameStop saga earlier this year), it’s not surprising to see the popularity of this meme-inspired cryptocurrency skyrocket.
If you’re ready to check out this cryptocurrency, find out how to buy Dogecoin.
2. Binance USD (BUSD)
Binance USD is a stablecoin, a type of crypto whose value is meant to remain consistent and is backed by real-world currency — in this case, the U.S. dollar. Stablecoins help blend the stability of the dollar with blockchain technology.
BUSD hit the market on September 5, 2019, and is a 1:1 US dollar-backed cryptocurrency. This particular cryptocurrency is also the third-largest stablecoin in the world by market cap.
3. Chainlink (LINK)
The third most popular cryptocurrency, Chainlink, originated in 2017 with the help of cofounders Sergey Nazarov and Steve Ellis. Their goal was to create a network that allowed the integration of “off-chain” data (such as bank payments) into smart contracts. Chainlink serves this purpose, which is one of the reasons it has become so popular.
If you’re ready to invest in Chainlink, you could start by exploring which crypto wallets support this token.
4. TRON (TRX)
The fourth most popular cryptocurrency is unique. Founder and CEO of the TRON Foundation, Justin Sun, launched the blockchain platform in September 2017 to transform content creation by allowing creators to directly access their audience without intermediary platforms like streaming services or app stores.
TRON is a blockchain powered by the TRX cryptocurrency. That means TRX is a coin, not a token. TRX is available for purchase through the OKCoin exchange. Check out our OKCoin review to learn more.
5. Tether (USDT)
Originally launched in 2014 as Realcoin by founders Brock Pierce, Reeve Collins, and Craig Sellars, Tether has evolved to become the popular stablecoin it is today.
Similar to BUSD, USDT is backed by the U.S. dollar. However, one of the biggest differences between BUSD and USDT is that BUSD provides a monthly audited report, whereas a third party has not audited the USDT reserve.
Compare where you can buy USDT on the best cryptocurrency exchanges.
With over 6,500 different cryptocurrencies available as of October 2021, the crypto-craze is far from over.
If cryptocurrency has piqued your interest and you’re ready to take the plunge of investing in crypto, our team has you covered with advice from a beginner’s guide to cryptocurrency all the way to a side-by-side comparison of cryptocurrencies you need to know about.
FinanceBuzz collected Google Trends search data on the 25 cryptocurrencies with the largest market capitalization via CoinMarketCap on September 22, 2021. The time frame for the collected data was set to “Past 12 months.” In the event of any ties for a state, terms were compared head-to-head within Google Trends to determine the winner.
FinanceBuzz is not an investment advisor. This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.