Cryptocurrencies are popular all over the globe. However, the US is one of the countries where their popularity is strongest.
This is evident in the huge number of crypto exchanges that are based in the country. However, it is not just the high number of exchanges that point to the US as a popular country for cryptocurrencies.
The US country is also home to some of the largest cryptocurrencies in the world by market capitalization.
The biggest pointer to the popularity of cryptocurrencies in the US is the huge attendance of the Miami Bitcoin Conference on 1st June 2021.
Despite the complications that the pandemic has caused, the event was attended by more than 12000 people who flew in from multiple states across the country.
Americans have also been proactive in ensuring that Bitcoin mining becomes as environmentally friendly as possible.
Shortly after Elon Musk raised concerns about the environmental sustainability of Bitcoin, American miners under a body called Bitcoin Mining Council, came together to strategize on how to mine Bitcoin using renewable energy sources.
Bitcoin mining has also shot up in the US after China’s crackdown on mining a few months back.
So far, Bitcoin remains the most popular crypto in the US. However, altcoins have been gaining momentum in the country too.
This article compiles some of the most popular cryptos in the USA in June 2022.
The Most Popular Cryptocurrencies In The USA In 2022
If you have been wondering which are the most popular cryptos in the United States, this is the perfect place for that information. By the end of this article, you will have learned all about the most popular cryptos in the US. You will also understand the various dynamics shaping the USA crypto space.
1. Cardano (ADA)
Cardano is a platform blockchain that is anchored on functional correctness. While the project has been in existence since 2015, it only came alive in 2017.
Since 2017, the project has been a work-in-progress, but it has accomplished a lot. It came up with a scientifically proven and peer-reviewed Proof-of-Stake algorithm called Ouroboros.
This algorithm solved one of blockchain’s biggest trilemmas, and that’s scalability, decentralization and security. Ouroborus also opened up the way for some innovative layer two solutions on the Cardano network.
One such solution is hydra. These are scalability solutions generated by Cardano stake pools. Each hydra can handle over 1000 transactions per second, which means if every pool were to run a hydra, Cardano could easily top a million transactions per second.
The impact is that the number of wallets staking Cardano is more dispersed than most other cryptos that allow staking. This is good for keeping the project decentralized.
Cardano is very popular in the US largely because the guy behind most of its progress, Charles Hoskinson, is an American. He has also been very vocal in pushing the project amongst American investors.
However, the project is only just getting started in its popularity with American investors. That’s because it is in the process of launching smart contracts on its mainnet.
The project started testing smart contracts on its testnet and is doing it in three stages namely: Blue, White, and Final.
It is expected that as part of the final stage for launching Cardano smart contracts, the project will first bring in wallet providers and crypto exchanges.
Investors are expectant that with smart contracts capabilities, Cardano will be in a position to compete with Ethereum. Expectations are also driven by the fact that through its Ouroboros Proof-of-Stake algorithm, Cardano has a solution to most of the problems that Ethereum is trying to solve.
Check Out: Cardano (ADA) Price Predictions
2. Ripple (XRP)
Ripple XRP is and has been, one of the most popular cryptocurrencies in the US for years.
The reason behind its huge popularity is its use case. Ripple aims to make cross-border payments faster and cheaper.
As currently structured, most international bank transfers take between 24-hours and 7 days depending on the country.
Through Ripplenet, these transactions are almost instantaneous. This is made possible by XRP since it acts as the bridge that banks can use for settlements.
This is a big deal because it’s a use case that is disrupting a trillion-dollar industry. The best part about XRP is that adoption is already happening.
Several banks, especially in Asia, are already using Ripplenet and XRP for settlements. In the US, Ripple had bagged a partnership with MoneyGram, but this was later cancelled.
This is due to the ongoing case between Ripple and the SEC. Interestingly, despite the case disrupting the mass adoption of XRP, the investor community is still heavily bullish on this crypto.
The XRP community, especially in the US, demanded to be included in the ongoing case between Ripple and the SEC.
It shows how deeply connected to XRP investors are, despite the challenges it has gone through over the past year.
Going forward, there is a good chance that Americans will take an even bigger interest in this crypto.
As investors price in the possibility of potential XRP adoption in non-American markets, XRP’s price could rise even further. This momentum will add to the number of Americans interested in this crypto in the short to medium term.
It will also retain it as one of the most popular cryptos in America all through June and beyond.
Read Also: Ripple Price Predictions
3. Dogecoin (DOGE)
Dogecoin was popular in the US for years, but it shot up in 2020 thanks to Elon Musk.
Musk is one of the most popular entrepreneurs in the US, and his tweets about Dogecoin raised its profile a big deal. So much so that Dogecoin rallied by over 12000%.
Dogecoin’s profile is also set to rise even further because of the chain reaction that Elon Musk’s interest in the project has created.
For instance, since he showed an interest, the Dogecoin developer team returned after abandoning the project for many years.
They are already working on an update that will see the cost of sending Dogecoin drop significantly. They are doing this by increasing the block size, among other updates.
This will make Dogecoin more practical for everyday use, further making it even more popular amongst American investors.
However, the biggest factor that will make Dogecoin more popular among American investors is the upcoming Doge-1 mission.
This is a moon mission by SpaceX that will be funded using Dogecoin. Besides being funded fully in Dogecoin, the project aims to put a physical Dogecoin on the moon.
It’s an event that will drive up Dogecoin’s profile not just in the US but globally. That’s because space is a big deal, and space-related activities are usually televised by all major television networks globally.
The event will have a number of implications for the Dogecoin network. The first one is that it will create FOMO around Dogecoin just before D-Day. This will draw in lots of Americans to Dogecoin for speculative reasons.
More importantly, it will drive the adoption of Dogecoin by American companies. This is evident in the adoption of Dogecoin over the past year.
Since Elon Musk brought Dogecoin to the limelight, the number of American companies accepting Dogecoin has shot up. Dogecoin is being accepted for everything from simple transactions to complex ones such as real estate.
One adoption that could be a game-changer would be Tesla. With Elon Musk showing the willingness to accept crypto for payments, the chances are that he will accept his favourite crypto at some point in the future.
Dogecoin’s price action is already pointing to its potential for mass adoption. That’s an indicator that upside momentum is on the rise.
Check Out: Could Dogecoin Be A Millionaire-Maker Coin?
4. Shiba Inu (SHIB)
Shiba Inu's fortunes are closely linked to Dogecoin’s, which has made it one of the most popular cryptocurrencies in the US.
Shiba Inu was riding on Dogecoin’s fortunes, and it worked. In the last crypto rally, it gained by thousands of percentages.
Since then, Shiba Inu has experienced a lot of improvements. For instance, it burned a lot of its total supply to a wallet associated with Vitalik Buterin, and another sizeable portion of the supply was locked up on Uniswap.
These factors have had a positive role in the total supply and will impact its demand dynamics as the crypto market turns bullish.
With upside momentum in the broader market on the rise, Shiba Inu is likely to record a massive increase in price going forward.
Its upside momentum is also driven by the fact that it is very easy to buy. Not only is it available on the major exchanges, it also has its own DEX.
This means that as crypto hype kicks back in, it will draw in many new American investors looking to take advantage of the potential gains from investing in the crypto market.
Read Also: Shiba Inu Price Predictions
5. IOTeX (IOTX)
IOTeX hit its all-time high of $0.26 in November 2021. This has made IOTX very attractive to American investors who are chasing the gains it can deliver going into the future.
IOTeX’s growing popularity amongst American investors is also driven by the fact that it has a very strong use case.
IOTeX targets the fast-growing IoT market and has a use case that cuts across self-driving cars, industrial applications, and home appliances.
This project also has the edge over other cryptos that are targeted at the IoT market. That’s because it incorporates an element of data privacy that other players in this market are yet to match.
With data privacy increasingly becoming one of the most important things that Americans care about in cyberspace, it is not a wonder that they are increasingly finding this project very attractive.
Its fast-growing adoption is also an indicator of the direction that this project could take in the future.
Despite the adoption of decentralized technologies in IoT still in its infancy, IOTeX has recorded impressive growth. It now has more than 6000 users, and that number is growing.
Americans are among those who have adopted it the most. With IoT tech set to grow in the US thanks to technologies like 5G, IOTeX’s popularity in the US could explode over the next few years.
Check Out: IoTeX (IOTX) Price Predictions
What Are The Key Cryptocurrency Trends In The US?
Data shows that North America is the third most active region in the crypto space. This explains why there is a lot of uproar over the infrastructure bill in the US.
The bill is set to make it impossible for miners and wallet developers to operate in the country. That’s because, even though they do not know their buyers’ and users identities, it requires them to submit their data to the IRS.
The US crypto industry has come up in arms against this bill. Some of the biggest crypto venture funds in the country are lobbying hard against it. Some senate democrats have also raised concerns, indicating that the bill will most likely go through some amendments before it passes.
While this law is only set to be adopted by one country, the US, it is being watched by the whole crypto industry. Again, it goes to show how vital the US crypto market is to the entire industry.
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