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The blockchain industry continues to mature, and in 2021 it may see more mainstream adoption.
Prices for bitcoin rose about 300 percent from the start of 2020 to the end of the 12 month period, closing at just over US$29,000. The bitcoin price continued rising into 2021, encouraging plenty of bullish sentiment — in fact, Bloomberg recently predicted an eye-popping price of US$400,000 for one bitcoin by 2022. The price of bitcoin hit its highest point for the year so far in April, reaching US$64,863.
Companies focused on blockchain technology have gone along for the ride, enjoying share price momentum as bitcoin prices rocket higher. Into the second half of 2021, blockchain technology companies with a strong cryptocurrency focus are still dominating in terms of gains seen in the sector.
Here’s a look at the five top Canadian blockchain stocks by performance so far in 2021. All figures were obtained using TradingView’s stock screener on July 12, 2021; all companies listed had market caps of at least C$10 million at that time and were trading on either the CSE or TSXV; TSX-listed stocks were considered, but did not make the list.
1. Intellabridge Tech (CSE:INTL)
Year-to-date gain: 1,016.1 percent; current share price: C$1.73
Intellabridge Tech develops blockchain applications for mobile and web platforms, and provides consulting services across a variety of sectors, including identity management, electoral systems, supply chain management and telecommunications.
The top Canadian blockchain stock launched the beta version of its Kash app in late June and began generating initial revenue. Kash is a decentralized mobile banking app that delivers secure financial blockchain products for savings, checking and investment applications. Intellabridge shares reached their highest point for this year so far on July 7, trading at C$1.95.
2. TechX Technologies (CSE:TECX)
Year-to-date gain: 402.86 percent; current share price: C$0.44
TechX Technologies focuses on emerging technologies in the cryptocurrency, blockchain, artificial intelligence, internet of things and cloud-based technology sectors. The company provides a variety of services to customers in Canada, such as security analysis, contract distribution, token contracts, analytics, secure wallets, integration and consulting.
TechX announced in early April that its subsidiary Catalyx Exchange was aiming to list its Canadian stablecoin CADX on the Bittrex Global Exchange. One of the world’s 10 top cryptocurrency exchanges in terms of liquidity, Bittrex is highly popular because it provides the widest selection of cryptocurrencies. The news rocketed TechX’s share price to its highest point of the year so far, coming in at C$1.68 on April 14. CADX ultimately launched on June 9.
3. Voyager Digital (CSE:VYGR)
Year-to-date gain: 298 percent; current share price: C$19.90
Voyager Digital is a holding company whose subsidiaries operate a licensed crypto asset platform that provides investors with a commission-free solution to investing in and trading crypto assets.
The company’s March metrics reveal that it had US$2.4 billion in assets under management at the time. “March was another record-setting month for Voyager as our retail-focused, zero-commission platform continued to attract an active community for both Bitcoin and our industry leading offering of over 50 altcoins,” said Stephen Ehrlich, co-founder and CEO of Voyager. “All of our significant revenue-driving metrics increased in excess of 35% during the month of March from the previous month.”
The news gave Voyager Digital’s share price a boost to its highest point for the year so far: C$37.96 on April 6. While the top Canadian blockchain stock has since slid back by 50 percent, it’s still up significantly from the start of the year, when it was a C$4 stock.
4. iMining Blockchain Cryptocurrecy (TSXV:IMIN)
Year-to-date gain: 115.38 percent; current share price: C$0.14
iMining Blockchain Cryptocurrency is a blockchain and cryptocurrency-mining company that in addition to mining cryptocurrencies also provides infrastructure and energy to its colocation clients.
iMining acquired CanETH Staking Services in March, making CanETH a wholly owned subsidiary of the company. CanETH offers its clients a simplified staking solution for Ethereum 2.0. “CanETH’s proprietary secured, reliable, and scalable staking process is a major asset to iMining’s existing services, and will give our organization a significant edge in the crypto sector,” said iMining CEO Robert Eadie.
The highest point for iMining so far in 2021 was C$0.84 on March 12.
5. Bitfarms (TSXV:BITF)
Year-to-date gain: 90.8 percent; current share price: C$4.77
Founded in 2017, Bitfarms bills itself as “one of the largest, oldest and most cost-effective public bitcoin mining operations in the world.” The company has five industrial-scale facilities across Quebec, Canada, and runs vertically integrated mining operations targeting the global decentralized financial economy.
Earlier in the year, Bitfarms raised US$40 million in private placements with US institutional investors. Soon after, the company grew its operating hashrate by 35 percent to over 1.3 EH/s with the delivery of 4,500 miners from MicroBT. The highest point for Bitfarms’ share price was C$9.34 on February 22.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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