When markets are rallying consistently and reaching new highs, it can be difficult to find top Canadian stocks to buy. However, there are always opportunities to consider.
Whether it’s finding growth stocks with great long-term potential or finding stocks that the market is undervaluing, there are always opportunities to consider.
Today, there is tonnes of potential in several different industries. Tech stocks, cryptocurrency, and renewable energy are all industries where you can find high-quality growth stocks.
Meanwhile, there are plenty of undervalued stocks, too. While most investors have been focused on high-profile companies like Air Canada, several Canadian stocks offer much better value today.
So, with that in mind, here are two stocks I’ve bought recently and why they’re such great investments today.
A top Canadian gold stock
Over the past few months, as almost every industry rallied, gold prices and gold stocks sold off. During this time, B2Gold (TSX:BTO)(NYSE:BTG) one of the best gold stocks in Canada, was trading extremely cheaply.
B2Gold is a stock I’ve owned for a while, so I used the opportunity to add to my position while the stock traded at a significant discount. Over the past few weeks, it’s begun to rally slightly. However, it’s still well undervalued, making it one of the top Canadian stocks to buy today.
Not only has it grown its production at an incredible pace over the last 10 years, but B2Gold is also one of the lowest-cost mining companies in the industry.
This makes it highly profitable and what allows the stock to be such a cash cow. So, with gold prices at these levels, B2Gold is generating so much cash that it’s even paying a dividend to investors that yields more than 3.1% today.
The stock is a triple threat. It’s cheap, offers significant growth potential, and is the perfect Canadian gold stock for dividend investors. With an average target price of $9.25, investors are looking at over 40% upside from here, making it one of the best stocks to buy today.
A long-term cryptocurrency investment
Another stock I’ve bought recently is one of many cryptocurrency stocks in Canada to buy today. Cryptocurrency is an industry that offers massive growth potential. That’s why I recently bought more units of The Ether Fund (TSX:QETH.U).
Even though the industry has made lots of investors rich in such a short period of time, much of the real potential of cryptocurrency and blockchain technology will be realized in the long term. So, in my view, many of the top Canadian stocks to buy today can be found in the cryptocurrency industry.
Bitcoin revolutionized the industry, which is why it continues to be the most popular cryptocurrency there is. However, Ethereum has improved upon Bitcoin’s technology greatly. That’s why I see more potential in Ether, the native currency of Ethereum.
The Ether Fund holds Ether for investors, so we don’t have to buy it ourselves. Buying funds or ETFs that hold cryptocurrencies is a low-risk way of gaining exposure to the underlying cryptocurrency’s prices.
So, buying the Ether Fund is the easiest way possible to gain exposure to Ether’s price and, therefore, Ethereum’s potential.
The one risk with cryptocurrencies is they can be volatile. However, if you’re in it for the long run, you can use that to your advantage and buy the dips. That’s why I recently added to my Ether position. In my opinion, The Ether Fund is one of the top Canadian stocks to buy today.
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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Daniel Da Costa owns shares of B2GOLD CORP. and The Ether Fund.