1. Bitcoin (BTC)
- Market cap: CAD 1.6 trillion (USD 1.2 trillion)
- Year-over-year return: 128%
Created by Satoshi Nakamoto in 2009, Bitcoin (BTC) is the original cryptocurrency. Like most cryptocurrencies, BTC runs on a blockchain, a ledger that records transactions distributed across a network of thousands of computers. Any addition to the distributed ledger must be verified by solving a cryptographic puzzle, a process called proof-of-work, which makes Bitcoin safe from scammers.
As Bitcoin became a household name, its price skyrocketed. In May 2016, one Bitcoin could be purchased for around $683 (US$500). As of May 7, 2024, the price of one Bitcoin is around $86,907 (US$63,540). This is a growth of 12,608%.
Related: How to Buy Bitcoin
2. Ethereum (ETH)
- Market cap: $504.7 billion ($369 billion)
- Year-over-year return: 65%
Ethereum, both a cryptocurrency and a blockchain platform, is popular with program developers due to its potential applications, including so-called smart contracts, which execute automatically when conditions are met, and non-fungible tokens (NFTs).
Ethereum has also seen tremendous growth: from April 2016 to the end of May 2024, its price rose from approximately $15 (US$11) to approximately $4,202 (US$3,072), an increase of 27,829%.
Related: How to Buy Ethereum
3. Tether (USDT)
- Market cap: $151.8 billion ($111 billion)
- Year-over-year return: 0%
Unlike other forms of cryptocurrency, Tether (USDT) is a stablecoin, which means it is backed by fiat currencies like the US Dollar or Euro and maintains a value virtually equivalent to one of those units. In theory, this means that Tether’s value should be more stable than other cryptocurrencies, making it popular with investors wary of the extreme volatility of other coins. If you’re looking for a stablecoin pegged to the stability of the Canadian Dollar instead, QCAD is your best bet.
4. Binance Coin (BNB)
- Market cap: $119.5 billion ($87.4 billion)
- Year-over-year return: 86%
Binance Coin (BNB) is a type of cryptocurrency that can be used to trade and pay fees on Binance, one of the world’s largest cryptocurrency exchanges. Since its launch in 2017, Binance Coin has expanded beyond facilitating transactions on Binance’s trading platform. It can now be used for trading, payment processing, and even travel bookings. It can also be traded or exchanged for other cryptocurrencies such as Ethereum and Bitcoin.
The price of BNB was just $0.13 (US$0.10) in 2017. By late May 2024, its price had risen to around $810 (US$592), an increase of 591,883%.
5. Solana (SUN)
- Market cap: $94.9 billion ($69.4 billion)
- Year-over-year return: 625%
Developed to power decentralized finance (DeFi), decentralized apps (DApps), and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanism to process transactions quickly and securely. Solana’s native token, SOL, powers the platform.
When it launched in 2020, the price of SOL started at $1.05 ($0.77 CAD). By late May 2024, its price was around $212 ($154.97 USD), an increase of 20,026%.
6. USD Coin (USDC)
- Market cap: $45.4 billion ($33.2 billion)
- Year-over-year return: 0%
Like Tether, USD Coin (USDC) is a stablecoin, meaning it is backed by the US Dollar and aims for a ratio of 1 USDC to 1 US Dollar. USDC is run by Ethereum and global transactions can be completed using USD Coin. There is one stablecoin called QCAD that is pegged at a 1:1 ratio to the Canadian Dollar, but if you want to trade according to the current value of the US Dollar, USDC is definitely the leading choice.
7. Ripple (XRP)
- Market cap: $40.4 billion ($29.6 billion)
- Year-over-year return: 23%
Created by some of the same founders as digital technology and payment processing company Ripple, XRP can be used on its network to facilitate the exchange of many different types of currency, including fiat and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.013 ($0.006 USD). As of May 7, 2024, the price has reached $0.73 ($0.54 USD), an increase of 8,835%.
Related: How to buy cryptocurrency
8. Dogecoin (DOGE)
- Market cap: $30.8 billion ($22.6 billion)
- Year-over-year return: 109%
Dogecoin famously began as a joke in 2013, but quickly evolved into a well-known cryptocurrency thanks to its dedicated community and creative memes. Unlike many other cryptocurrencies, Dogecoin has no limit on how many can be created, which means that an increase in supply could cause the currency to depreciate in value.
The price of Dogecoin was $0.0002 in 2017. By May 2024, the price was $0.16, an increase of 78,273%.
9. Toncoin (TON)
- Market Cap: ($28.1 billion) $20.6 billion
- Year-over-year return: 196%
Originally developed as a Layer 1 blockchain for the Telegram encrypted messaging platform, Toncoin was soon abandoned and taken over by the TON Foundation, which renamed the project from its original name, “Telegram Open Network,” to “The Open Network,” both of which are referred to by the acronym TON.
Toncoin (originally known as Gram) is the native token of TON, an application that allows users to buy, send and store funds on TON’s extremely fast and green network.
10. Cardano (ADA)
- Market cap: CAD 18 billion (USD 13 billion)
A somewhat latecomer to the cryptocurrency world, Cardano (ADA) is notable for being an early adopter of proof-of-stake validation, which speeds up transaction times and reduces energy usage and environmental impact by eliminating the competitive, problem-solving aspects of transaction validation present in platforms like Bitcoin. Cardano functions like Ethereum to enable smart contracts and decentralized applications run by its native coin, ADA.
Cardano’s ADA token has seen a relatively slow growth compared to other major cryptocurrency coins. In 2017, the price of ADA was $0.02. As of November 28, 2023, its price is $0.38. This is an increase of 1,810%.
#Top #Canadian #Cryptocurrencies #August