What are the Best Cryptos to Buy Now?
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What makes cryptocurrency investing so interesting is the potential for massive profits and dramatic losses. Crypto prices move quickly.
Did you know that if you had bought Safemoon in mid-March 2021 and divested just six weeks later you could have realized a 23 225 times return on your investment? Bitcoin needed 5 years to do that! On the other hand, people who bought Ethereum in November 2021 at nearly $6,000 CAD may not be too happy with its current price of under $2463 CAD (at publication). Crypto investing requires careful attention, good timing and an understanding of how crypto works.
Are you looking for the best crypto to buy now in Canada? This crypto ranking list will help you identify the cryptocurrencies that could explode.
Crypto ranking listing for Canada 2023: What you need to know
- Tracking price evolution and market capitalization are great ways to rank the best cryptos to buy.
- Lucky Block is a cryptocurrency to watch. It could revolutionize gambling with its blockchain-based lottery.
- Bitcoin remains incredibly popular crypto. Its historical performance and limited supply suggest continued strong performance even if there are some dips along the way longterm
- Factors that affect a cryptocurrencies value include its underlying technology, popularity, trust and overall market trends.
- There are several formulas for calculating how much crypto is worth. We examine them below.
The top cryptos to buy right now
We use two main indicators for our crypto rankings:
- Price change: this indicator tracks the change in a cryptocurrency’s price over a given period. It is expressed as a percentage. It weighs the demand for a crypto token and can indicate which ones will continue to rise in value.
- Market capitalization: Market Cap is the quantity of the crypto coins in circulation multiplied by their price per unit. It provides a solid indication of a cryptocurrency’s value and overall popularity. The higher the marker cap, the more dominant the crypto asset is.
With these criteria in mind, let’s take a look at the top 10 cryptocurrencies for 2023
|Crypto ranking||3-month price variation (May to August 2022)||Current market cap|
|Bitcoin||-19.70%||459 Billion USD|
|Ethereum||-6.50%||231.7 Billion USD|
|Ripple||-13.95%||18.2 Billion USD|
|Litecoin||-10.00%||4.3 Billion USD|
|Stellar||-10.54%||3.1 Billion USD|
|Cardano||-0.04%||19 Billion USD|
|Binance Coin||6.39%||17.9 Billion USD|
|Dogecoin||-1.64%||11.4 Billion USD|
|Chainlink||15.50%||4 Billion USD|
|Polkadot||17.21%||9.8 Billion USD|
The cryptocurrency market has declined from its peak in November 2021, values have been steadily climbing back up for the past few months. For long-term investment, now may be a good time to invest.
Ready to invest in cryptocurrency? Wondering about the best cryptoexchanges in Canada. We've got your covered:
Compare the best crypto exchanges
What will be the next crypto to explode?
Many experts and the press are betting on Lucky Block as their crypto to explode in 2023
This is a new crypto with pre-sales only launching in December 2021. The pre-sale was a hit with everything that was available selling out quickly ($5.8 million of LBlock tokens). Within the first month of launch, it already had more than 40,000 investors. It is the fastest crypto to a market capitalization of $1 billion.
Lucky Block is firmly a Web 3.0 project. Its decentralization puts users in the driving seat by making them shareholders in the project. Lucky Block works like a classic lottery but offers added transparency and security of blockchain technology.
Lucky Block has a chance to revolutionize gambling. Anyone who holds at least $500 in LBlock can participate in the lottery drawings for free. After a drawing, the winner gets 70%. 10% goes back to people holding the crypto coin, 10% supports charities and the remaining 10% goes right back into the project. Investors vote for the charity to support.
What are the most promising cryptos?
With nearly 20,000 cryptos out there, it's not always easy picking the right investment. Here is our selection of the cryptos with the most potential to help you choose.
- Polkadot (DOT) is following a rare and promising growth curve. It cracked into the top 10 largest cryptocurrencies less than a year after launching. It facilitates transfer across different blockchains, which will help connect the entire Defi ecosystem. User-driven governance means anyone holding Polkdot can vote on how the network is run.
- Chainlink (Link) looks like another winner. It is Ethereum-based with a proof-of-stake consensus mechanism. It facilitates smart contracts across different blockchains.
- MANA drives the Decentraland Metaverse. It runs on the Ethereum blockchain. The platform empowers users to create and experience a virtual world, interact with one another and buy and sell metaverse land and NFTs.
What cryptocurrency to buy today?
The best cryptocurrencies to buy are the ones that drive a project that you believe in.
With that said, you can’t ignore the old standby Bitcoin. It was the first to make a splash and has always commanded a high price. It’s been compared to digital gold. Many crypto investors hold it in their crypto wallets. It is a rare commodity since there will never be more than 21 million Bitcoins. Did you know that 19 million of them have already been mined and as many as 3.7 million forever lost? With this limited supply, demand could keep it growing for a long time.
Beyond buying Bitcoin, there are some others getting buzz from investors. Following the press, online communities and specialized sites is a nice way to stay ahead of this curve and better understand opportunities. At this time, the following cryptocurrencies are a few of the ones for you to investigate:
What makes cryptocurrency go up?
There is no guarantee, but there are tips that can help you predict which cryptos will rise in value. Here are our tips:
- Keep on top of market trends - Watch the price variation of different cryptocurrencies. Generally, a cryptocurrency that continually increases its prices over several months is likely to keep growing.
- Factor in the current economic environment - Like any other investment, when the economy is comfortably growing, you’ll see more people investing. Downturns in the market can be a good time to take advantage of other investors' skittishness.
- Weigh the crypto’s popularity - Follow the conversations that seasoned investors have on social networks. Their exchanges speak volumes about their investing intentions. They can greatly affect supply and demand. Watch their positions so that you can drop in at the right time to invest.
- Consider the underlying technology. What is a cryptocurrency based on? The market often rewards solid technology and real innovation.
- Know what project(s) the crypto is a part of: Ask why this crypto was created and what it does differently from existing options. The problem it solves can help you predict its future desirability.
- Follow the number of users: The more users, the greater the chance it will appreciate. This is perhaps the best indicator of “trust” in a given cryptocurrency.
Compare the best crypto exchanges
How does the value of a cryptocurrency increase?
The cycle that makes any given crypto token value starts when it is created. The project must generate interest with an innovative concept, responding to a market need. After enough early adopters jump onto the project, major investors follow and drive up popularity. This increases the price and attracts more investors. With additional users, the price continues to rise in value and trust.
The other factor that can drive increases is scarcity. Crypto markets follow the law of supply and demand, just like any financial market. The rarer a currency is, the higher its price grows. We see this phenomenon with Bitcoin, the first coin to capture the world’s attention.
What makes crypto go up and down?
There are a few factors that cause cryptocurrencies to fluctuate. Let’s take a look at the main reason:
- Supply and demand govern prices in all financial markets, including cryptocurrencies.
- Energy consumption affects the price. Consider the amount of electricity needed to run its blockchain. When energy prices spike, some people stop mining. Bitcoin isn’t immune to this with its particularly high energy costs.
- Difficulty mining the cryptocurrency: difficult mining may correspond with a more secure blockchain and a higher perceived value.
- The utility: useful cryptocurrencies are in greater demand and command higher prices.
- Popularity: the greater the number of investors, the higher the value of the cryptocurrency.
- Trust: trustworthy cryptos command a higher price while questionable choices or security problems drive it down.
- Innovation: when the crypto drives an innovative concept, the greater the chance it increases in value.
What are the best platforms to buy crypto in Canada?
This Canadian platform is a great choice for buying, selling and depositing cryptocurrencies. We like that the minimum deposit is only $100 and that it uses Canadian Dollars.
YouHodler is an excellent crypto exchange. It is feature-rich and well-suited to crypto-staking and lending. The returns are very competitive (12%). Youhodler is insured for up to $150 million against crime. The platform also offers advanced trading tools that will satisfy expert investors.
VirgoCX is a great choice as a Canadian-run platform. It doesn’t charge deposit or transaction fees and offers low withdrawal fees. Security is solid, and it provides helpful performance analysis features.
This platform was designed for beginning investors with a simple interface and a great mobile application. In addition to competitive fees, it provides investors with handy tools including reports for tax returns.
Binance is one of the most popular cryptocurrency exchange platforms on the market, but it is reserved for those living outside of Ontario. Binance stands out from its competitors by offering a very large selection of crypto tokens and NFTS. Buy, trade and hold more than 600 cryptocurrencies with just a 0.10% trading fee.
Coinbase is one of the largest crypto exchanges out there. It offers great educational content and resources with an easy-to-use interface and excellent customer service.