Top cryptocurrencies that led conversations on Reddit in 2021

Highlights

• Cryptocurrency was among the most discussed topic on Reddit platform in 2021.
  
  
• The Reddit platform saw around 6.6 million crypto mentions this year.
  
  
• Dogecoin, Ethereum, and Shiba Inu were among the top 10 cryptos discussed.

The stock market saw several ups and downs this year. But there have also been Reddit-led stock rallies that will be etched in the memory of every Wall Street trader. The crypto market wasn’t far behind, with many popular digital assets breaking records one after another.

Thanks to the growing army of short-sellers with their immense influencing power, the social media platform became a go-to site for cues for many retail traders, be it for stocks or cryptocurrencies. Markets became extremely volatile as Reddit traders hunted for the heavily shorted stocks. The short squeeze lasted for days, causing huge rallies in the market.

Reddit, which has 430 million monthly active users with over 100,000 communities, gained fame for its influence in the cryptocurrency market. According to Reddit, the platform saw more than 6.6 million crypto mentions this year. The site is home to over 500 cryptocurrency communities. Dogecoin, Superstonk, Bitcoin, Shiba Inu, etc., were among the most discussed topics. In January, Dogecoin soared 800% after it became a hot topic on a Reddit forum.

Here we explore some of the popular cryptocurrencies that continue to make headlines.

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Bitcoin (BTC)

Bitcoin is the most popular decentralized cryptocurrency, initially described in a 2008 whitepaper and launched in January 2009. It was founded by an anonymous person or a group under the pseudonym Satoshi Nakamoto.

The BTC was priced at US$47,837.06 at 2:28 pm ET on Dec 9, down 5.62%. Its market cap is US$903.38 billion, and its fully diluted market cap is US$1.003 trillion. Its last 24-hour trading volume was worth US$28.85 billion.

The 52-week highest and lowest prices of BTC were US$68,789.63 and US$17,619.53, respectively. Bitcoin gave a return of 64.84% YTD. It touched an all-time high of US$68,789.63 on Nov 10, 2021.

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Ethereum (ETH)

ETH is the second-largest cryptocurrency after Bitcoin based on market capitalization. Ethereum is a decentralized open-source blockchain system with its own crypto, ETH.

ETH was priced at US$4,155.59 at 2:37 pm ET on Dec 9, down 5.90%. Its market cap is US$493.85 billion, and its fully diluted market cap is US$491.50 billion. Its last 24-hour trading volume was worth US$19.56 billion.

The 52-week highest and lowest prices of ETH were US$4,891.70 and US$537.81, respectively. It gave a return of 465.44% YTD. It touched an all-time high of US$4,859.50 on Nov 10, 2021.

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Dogecoin (DOGE)

Dogecoin was created based on the popular internet meme "doge, "featuring a Shiba Inu logo. It was created by Billy Markus from Portland and Jackson Palmer from Sydney.

The DOGE was priced at US$0.1713 at 3:21 pm ET on Dec 9, down 4.84%. Its market cap is US$22.69 billion, and its fully diluted market cap is US$22.89 billion. Its last 24-hour trading volume was worth US$1.03 billion.

The 52-week highest and lowest prices of DOGE were US$0.7376 and US$0.003009, respectively. It gave a return of 3546.81% YTD. It reached an all-time high of US$0.7376 on May 8, 2021.

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Shiba Inu (SHIB)

The SHIB coin was created in August 2020 by an anonymous creator under the pseudonym "Ryoshi". SHIB is regarded as the "Dogecoin Killer", according to its website.

SHIB was priced at US$0.00003462 at 3:32 pm ET on Dec 9, down 6.60%. Its market cap is US$18.98 billion, and its fully diluted market cap is US$20.25 billion. Its last 24-hour trading volume was worth US$1.08 billion. The 52-week highest and lowest prices of SHIB were US$0.00008845 and US$0.00000516, respectively. It gave a return of 401.59% in the last three months. It had reached an all-time high of US$0.00008845 on Oct 28, 2021.

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Cardano (ADA)

Cardano is a proof-of-stake blockchain platform founded in 2017 and named after the 16th-century Italian polymath Gerolamo Cardano.

The ADA was priced at US$1.30 at 3:49 pm ET on Dec 9, down 7.75%. Its market cap is US$43.41 billion, and its fully diluted market cap is US$58.46 billion. Its last 24-hour volume was worth US$1.66 billion. Its 52-week highest and lowest prices were US$3.10 and US$0.1274, respectively. It gave a return of 628.17% YTD. It hit an all-time high of US$3.10 on Sept 2, 2021.

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Polkadot (DOT)

Polkadot is an open-source sharding multichain protocol that allows the cross-chain transfer of any data or asset type. DOT was priced at US$26.93 at 3:54 pm ET on Dec 9, down 8.87%. Its market cap is US$26.54 billion, and its fully diluted market cap is US$29.63 billion.

Its last 24-hour trading volume was worth US$1.17 billion. The 52-week highest and lowest prices of DOT were US$55.00 and US$4.55, respectively. It gave a return of 189.14% YTD. It has reached its all-time high of US$55.00 on Nov 4, 2021.

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Source: Pixabay

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Litecoin (LTC)

Litecoin is a cryptocurrency that provides fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology.

The LTC was priced at US$153.33 at 3:58 pm ET on Dec 9, down 7.23%. Its market cap is US$10.60 billion, and its fully diluted market cap is US$12.87 billion. Its last 24-hour volume was worth US$1.37 billion. Its 52-week highest and lowest prices were US$412.96 and US$70.23, respectively. It gained 24.02% YTD. It hit an all-time high of US$412.96 on May 10, 2021.

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Bottomline

In 2021, cryptocurrencies and other digital assets dominated the conversations on Reddit, the company said in its annual Reddit Recap report based on its data from Jan 1 to Nov 9, 2021. Thus, it is no wonder the crypto market’s incredible run this year, even briefly crossing the US$3 trillion mark. The market is expected to continue its growth momentum in 2022.