10 Best Cryptocurrencies in June 2022 – Forbes Advisor Canada

From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can be tricky when you start the world of crypto. To help you get your bearings, here are the top 10 cryptocurrencies relative to their market value, or the total amount of global currencies right now.

What are Cryptocurrencies?

A cryptocurrency is a digital asset that can be run without the central control of a bank or government. Today, there are more than 19,000 cryptocurrency projects out there representing a $ 1.6 trillion ($ 1.3 trillion USD) crypto market.

1. Bitcoin (BTC)

  • Market cap: $ 530 billion CAD ($ 410 billion USD)

Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the basic cryptocurrency. Like most cryptocurrencies, BTC runs on a blockchain, or a registration message that is transferred between a network of thousands of computers. Because the integration of the directories must be verified by managing a cryptographic cryptocurrency, a process called authentication of activity, Bitcoin is protected and safe from fraudsters.

The value of Bitcoin has risen since it became a household name. In May 2016, you can buy one Bitcoin for about $ 648 ($ 500 USD). As of June 1, 2022, the price of Bitcoin was around $ 38,500 ($ 29,700 USD). That’s a growth of over 5,800%.

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2. Ethereum (ETH)

  • Market cap: $ 183 billion CAD ($ 142 billion USD)

A cryptocurrency and a blockchain platform, Ethereum is a favorite of project developers because of its unique applications, such as so -called smart contracts that automatically execute when conditions are met. such as non-fungal pathogens (NFTs).

Ethereum has also seen significant growth. From April 2016 to the beginning of June 2022, its price increased from about $ 14 ($ 11 USD) to more than $ 2,333 ($ 1,800 USD), an increase of about 16,300%.

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3. Exchange Rates (USDT)

  • Market cap: $ 86 billion CAD ($ 67 billion USD)

Unlike other cryptocurrencies, Tether (USDT) is a stablecoin, which means it is backed by fiat currencies such as the US and the Euro and hypothetically held in a similar value. of such denominations. In principle, this means that Tether’s value is more similar than other cryptocurrencies, and investors want to be aware of the high volatility of other currencies. If you are looking for a stablecoin that is secured with the stability of the Canadian currency in place, then QCAD is what you need.

4. US Dollar (USDC)

  • Market cap: $ 71 billion CAD ($ 55 billion USD)

Like Tether, USD Coin (USDC) is a stablecoin, which means it is backed by American currencies and assumes a ratio of 1 USD to 1 USDC. USDC is used by Ethereum, and you can use USD Coin to complete global transactions. There is a stablecoin that is pegged at a one -to -one ratio to the Canadian currency called QCAD, but if you want to work like the current US currency exchange rate, USDC is a great choice.

5. Binance Coin (BNB)

  • Market cap: $ 47 billion CAD ($ 37 billion USD)

Binance Coin (BNB) is a type of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its inception in 2017, Binance Coin has grown primarily to train clients at the Binance exchange platform. Now it can be used for shopping, making payments or writing travel arrangements. It can be bought or exchanged for other cryptocurrencies, such as Ethereum or Bitcoin.

The price of BNB in ​​2017 is $ 0.13 ($ 0.10 USD). By the beginning of June 2022, its price had risen to about $ 389 ($ 300 USD), an increase of about 300,000%.

Select: How to buy Cryptocurrency

6. Binance USD (BUSD)

  • Market cap: $ 22 billion CAD ($ 17 billion USD)

Binance USD (BUSD) is a stablecoin developed by Paxos and Binance to create a cryptocurrency backed by the US currency. To maintain this asset, Paxos holds as much U.S. currency as the BUSD supply. Like other stablecoins, BUSD gives crypto traders and users the ability to enter trades with other crypto assets while reducing the risk of volatility.

7. Cardano (ADA)

  • Market cap: $ 22 billion CAD ($ 17 billion USD)

After the crypto image, Cardano (ADA) was known for his first adoption of stake-based certification. This approach eliminates trading time and reduces energy consumption and environmental impact by opening up a more competitive approach, solving the problem of cryptocurrency authentication found on platforms such as Bitcoin. Cardano also works with Ethereum to access smart contracts and decentralized applications, ADA, its real money, controls.

Cardano’s ADA index has a lower growth rate than large cryptocurrencies. In 2017, the ADA value was $ 0.03 ($ 0.02 USD). As of June 1, 2022, its price is at $ 0.71 ($ 0.55 USD). This is an increase of 2,650%.

8. XRP (XRP)

  • Market cap: $ 20 billion CAD ($ 15 billion USD)

Developed by co -founders of Ripple, a digital technology and payment processing service, XRP can be used on the system to streamline the exchange of various currencies, including fiat currencies and other major cryptocurrencies.

At the beginning of 2017, the price of XRP was $ 0.01 ($ 0.006 USD). On June 1, 2022, its price reached $ 0.52 ($ 0.40 USD), an increase of more than 6,400%.

9. Solana (SOL)

  • Market cap: $ 12 billion CAD ($ 10 billion USD)

Developed to facilitate the use of decentralized finance (DeFi), decentralized applications (DApps) and smart contracts, Solana runs on a state-of-the-art authentication and authentication process. fast and stable. SOL, the true symbol of Solana, is power on the threshold.

Starting in 2020, the price of SOL will start at $ 1 ($ 0.77 USD). At the beginning of June 2022, its price was around $ 52.61 ($ 40.58 USD), an increase of more than 5,100%.

10. Dogecoin (DOGE)

  • Market cap: $ 9 billion CAD ($ 7 billion USD)

Dogecoin started out as a brand of cryptocurrency in 2013 but has quickly grown into an important cryptocurrency to improve a dedicated community and development brands. Unlike other cryptos, there is no limit to the number of Dogecoins that can be created, leaving the amount that can be reduced as supply increases.

The price of Dogecoin in 2017 was $ 0.0003 ($ 0.0002 USD). As of June 1, 2022, its price is at $ 0.10 ($ 0.08 USD), about 40,000%.

* Market caps and prices are available from coinmarketcap.com, currently on June 20, 2022.

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