Canadian Crypto Stocks Rally Amid Bitcoin, Ether & Dogecoin Frenzy

Cryptocurrency-linked stocks have rocketed this year, guided by the ongoing heavy trading in virtual coins such as Ether, Bitcoin, and Dogecoin.

Bitcoin hit record US$ 64,000 apiece last month, while Ether recorded new high of US$3,545.20 on Thursday. Meme-inspired crypto Dogecoin has skyrocketed to the moon, with a staggering 12,500 per cent year-to-date (YTD) return.

Meanwhile, the Toronto Stock Exchange Venture-listed stocks and exchange-traded crypto funds have been getting a lot of attention from investors.

Cryptocurrency miners such as Bitfarms Ltd. (TSXV:BITF), CrypoStar (TSXV:CSTR), and Banxa Holdings Inc. (TSXV:BNXA) have increased as much as 160 per cent, 121 per cent, and 3,537 per cent, respectively. While the main exchange-listed Hut 8 Mining Limited (TSXV:HUT) has swelled 78 per cent this year.

Acceptance & Rise Of Digital Currency Funds

Digital currency investment funds or exchange-traded funds (ETFs) have recently started trading on Canada’s stock market. Across the board, cryptocurrency-related ETFs like Purpose Ether ETF (TSX: ETHH.U) and Ether ETF (TSX: ETHR.U) have traded in synchronization with Ethereum’s token and garnered 26 per cent growth in the past one week.

Analysts expect Purpose Ether Fund, a pioneer in crypto fund, to replicate the cryptocurrency’s performance. The asset management firm also offers Bitcoin ETF worth nearly C$ 1.4 billion. 

Drivers Of Crypto Rally

Coinbase, the leading US crypto exchange, went public via direct offering in mid-April. This development boosted the crypto market’s overall value to an all-time high.

Meanwhile, Bitcoin surpassed TESLA (TSL:US, NASDAQ:TSLA) in terms of market cap. Earlier this year, Tesla invested US$ 1.5 billion in the world’s largest cryptocurrency and earned its first profit worth US$ 101 million from crypto trading in the first quarter of 2021.


However, Bitcoin’s ongoing rally is yet clear certain rigorous regulatory hurdles as central banks tighten supervision of digital coins and related operations amid increased mainstream acceptance.

For now, market frenzy of virtual tokens continues. Dogecoin – once known as a joke coin – is now more valuable than Canadian Pacific Railways (TSX:CP) with its market cap soaring to nearly US$ 80 billion as of May 6, 2021. Unprecedented trading in the token also led to crypto exchange crashes worldwide.


The website is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001. The principal purpose of the content on the website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK