Cryptocurrencies have proven to be very popular in North America, both in the US and in Canada. Many businesses in Canada accept crypto as a means of payment and crypto trading rates are quite healthy.
But as we all know, the crypto industry has many token options, leaving users spoiled for choice. And in Canada, some tokens are more heavily traded than others. As the crypto industry looked towards a potential price recovery in 2023, some tokens rose to the top of Canadian investors’ lists.
First on the list is Bitcoin, arguably the king of the cryptos. There has been a wave of optimism regarding Bitcoin’s token price this year as it made some recovery after slipping into a winter last year. While the bull run some of us had hoped for did not happen this year, Bitcoin nevertheless was popular among Canadian traders in 2023.
Despite all of its challenges, this token retained its place as one of the most traded tokens, both speculatively and for domestic spending. Its applications in spending are wide-reaching in Canada, and it’s used for purchases such as buying food, paying for rent, and also entertainment, such as gambling. In fact, every crypto casino in a recent guide for Canadian players to select one accept Bitcoin as a payment method.
Ethereum also stayed on top as one of the most traded tokens and spent tokens in the many Canadian cities that accept crypto, second only to Bitcoin itself. Ethereum has the added benefit of being used even outside of speculative trading. Its underlying blockchain is used for smart contracts, NFTs, DeFi, and a host of other applications, which means that its native token will always be in demand. As a trading token, Ethereum saw some decent recoveries in 2023, though it also did not have a bull run. Regardless, the token was popular among Canadian users for things like online casinos, spending on everyday essentials, and for saving.
Tether was also a top pick for Canadian users because it has proven to be a solid stablecoin over the years, reportedly backed 1:1 by the US dollar. Its continued success shows that there is always a market for stablecoins with crypto users. Given the tumultuous market we’ve seen over the last year, many Canadian traders opted for stablecoins like Tether to allow them to continue to operate in the crypto space while still enjoying some level of stability. Tether is also widely used for saving as a hedge against inflation and for buying goods and services.
Another token that was widely traded in Canada was Binance Coin (BNB). Because it is attached to one of the biggest crypto exchanges in the world, BNB has always been a high-profile token. And 2023 was no different, even though Binance itself faced several issues with regulators. It continued to be used by Canadian traders who paid trading fees, swapped it for other cryptos, and even used it for personal things like paying for goods and services.
Finally, XRP, the native token of Ripple Labs, has established itself as a top token for cross-border transactions. This has made it an industry favourite token around the world, and Canada was not left out. Thanks to a combination of low fees and fast transaction speed, XRP remained in the top ten of most traded tokens by not only Canadian traders but those in other parts of the world in 2023, with no signs of stopping. XRP is commonly used for sending funds to loved ones abroad and for everyday purchases, including at ecommerce and betting sites.