10 Best Cryptocurrencies in June 2022 – Forbes Advisor Canada

From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization, or the total value of all of the coins currently in circulation.

What Are Cryptocurrencies?

A cryptocurrency is a digital asset that can circulate without the centralized authority of a bank or government.  To date, there are more than 19,000 cryptocurrency projects out there that represent the entire $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 original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.

Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $648 ($500 USD). As of June 1, 2022, a single Bitcoin’s price was around $38,500 ($29,700 USD). That’s growth of more than 5,800%.

Related: How To Buy Bitcoin

2. Ethereum (ETH)

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

Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and like non-fungible tokens (NFTs).

Ethereum has also experienced tremendous growth. From April 2016 to the beginning of June 2022, its price went from about $14 ($11 USD) to over $2,333 ($1,800 USD), increasing almost 16,300%.

Related: How To Buy Ethereum

3. Tether (USDT)

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

Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins. If you’re looking for a stablecoin pegged to the stability of the Canadian dollar instead, then QCAD is what you want.

4. U.S. Dollar Coin (USDC)

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

Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions. There is one stablecoin that’s pegged at a one to one ratio to the Canadian dollar called QCAD, but if you want to be transacting according to the current U.S. dollar value, USDC is certainly a main option.

5. Binance Coin (BNB)

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

Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.

BNB’s price in 2017 was just $0.13 ($0.10 USD). By early June 2022, its price had risen to around $389 ($300 USD), a gain of approximately 300,000%.

Related: How To Buy Cryptocurrency

6. Binance USD (BUSD)

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

Binance USD (BUSD) is a stablecoin that Paxos and Binance founded to create a cryptocurrency backed by the U.S. dollar. To maintain this value, Paxos holds an amount of U.S. dollars equal to the total supply of BUSD. As with other stablecoins, BUSD gives traders and crypto users the ability to engage in transactions with other crypto assets while minimizing the risk of volatility.

7. Cardano (ADA)

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

Somewhat later to the crypto scene, Cardano (ADA) is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification present in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.

Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.03 ($0.02 USD). As of June 1, 2022, its price was at $0.71 ($0.55 USD). This is an increase of 2,650%.

8. XRP (XRP)

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

Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.

At the beginning of 2017, the price of XRP was $0.01 ($0.006 USD). As of June 1, 2022, its price reached $0.52 ($0.40 USD), equal to a rise of more than 6,400%.

9. Solana (SOL)

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

Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.

When it launched in 2020, SOL’s price started at $1 ($0.77 USD). By early June 2022, its price was around $52.61 ($40.58 USD), a gain of more than 5,100%.

10. Dogecoin (DOGE)

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

Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.

Dogecoin’s price in 2017 was $0.0003 ($0.0002 USD). By June 1, 2022, its price was at $0.10 ($0.08 USD), up almost 40,000%.

*Market caps and pricing sourced from coinmarketcap.com, current as of June 20, 2022.