It’s a wild world out there in the cryptocurrency space. But among the hundreds of digital coins and tokens, there is a handful that UK investors just can’t get enough of. Here are some of the most popular cryptos in the market right now.
What are the three most popular cryptocurrency assets in the UK?
According to multi-asset investment platform eToro, the most held cryptoassets in the UK right now are Ripple, Cardano and Ethereum.
1. Ripple (XRP)
It’s quite surprising to see Ripple’s XRP token at the top of this list. For almost a year, Ripple has been embroiled in an ongoing battle with America’s financial regulators the SEC.
However, legal proceedings seem to be favouring Ripple so far, and it might be the case that the SEC has bitten off more than it can chew when choosing to sue this crypto giant.
Some investors believe this legal fight will soon be settled. If that happens, it could be positive for the price of the XRP token. But it’s important to realise that, like many cryptos out there, XRP is yet to deliver on its promise of being useful.
2. Cardano (ADA)
This is a cryptocurrency that new people in the space like to get involved with.
It’s a project that holds a lot of promise as Cardano attempts to create a network that’s fast, cheap, and easy to use. Cardano is more energy-efficient than other big cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
The fact that Cardano’s market cap is still just a fraction of that of Bitcoin and Ethereum might also give some investors hope that there’s lots more room for the project to grow.
3. Ethereum (ETH)
It’s not just retail investors that are flocking to the Ether token. Institutional investors are showing a lot of interest as well.
Over the next year, Ethereum will be moving to a proof of stake (PoS) model. This will make it less like Bitcoin and more like Cardano. There will be no need for miners and it will be much less energy intensive.
What do the experts say about the cryptocurrency industry?
There’s always so much to learn in the confusing world of crypto. And the more you learn, the more you realise how much you don’t know! So it’s always helpful to get some insight from those working within the space.
Simon Peters, crypto market analyst at eToro, gives his thoughts on what we’re seeing right now in the industry: “The last quarter has seen a lot of change in the crypto world. We’ve moved from a bull run to a slightly more circumspect market, with developments such as China’s recent decision to ban crypto transactions causing some degree of uncertainty.
“However, we’ve also seen important news such as Cardano’s Alonzo hard fork and Ethereum’s London upgrade, adding increased functionality and scalability to both networks – meaning it’s been a busy few months for developers and investors alike.”
What about investing outside of cryptocurrency?
If you’ve no interest in things like nodes and mining hash rates, it’s worth considering some other ways to invest your money.
When you buy shares, you can invest in companies that you actually use on a day-to-day basis.
What’s even better is that if you use a stocks and shares ISA when you invest, you can avoid tax on your investment gains. With cryptocurrencies, you don’t get these kinds of benefits and instead roll the dice on a prototype technology that’s yet to be of use in the real world.
The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of investment advice. Bitcoin and other cryptocurrencies are highly speculative and volatile assets. They carry several risks, including the total loss of any monies invested. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.
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