It might be overwhelming when you’re just getting underway in the world of cryptocurrency because there are dozens of different cryptocurrencies to choose from, ranging from Bitcoin and Ethereum down to Dogecoin and Tether. This list contains the options which are best to invest in cryptocurrency according to their prevailing market values. In order to assist you in getting a sense of where you are.
1. Bitcoin (BTC)
Market value: around £537 billion
Bitcoin (BTC) has been the father of cryptocurrency in UK, established in 2009 by Satoshi Nakamoto. BTC, like most cryptocurrencies, relies on a blockchain, a distributed ledger documenting transactions across thousands of computers. By requiring users to solve a cryptographic puzzle before adding transactions to the ledgers, Bitcoin is stored securely from hackers.
Bitcoin’s price has soared as it has gained popularity. In May 2016, a Bitcoin cost around £370. On Feb. 1, 2022, the Bitcoin was worth almost £28,000. That’s a 7,600% increase.
2. Ethereum (ETH)
Market value: near to £240 billion
A solid supporter of cryptocurrencies in the UK and a blockchain framework that can be used to create smart contracts and non-fungible tokens, Ethereum is a popular choice for programmers for its potential applications (NFTs).
Similarly, the value of Ethereum has skyrocketed. By February 2022, its value had risen approximately 25,000 percent in the span of a year.
3. Tether (USDT)
Market price: around £57 billion
In contrast to other cryptocurrencies, Tether is a virtual currency, which means it is underpinned by digital currencies like the British pound, the US dollar, or the Euro and theoretically maintains a value that is equivalent to that currency. As a result, traders who are wary of the severe volatility of other cryptocurrencies prefer Tether because of its supposedly more stable value.
4. Binance Coin (BNB)
Market value: near to £46 billion
On one of the world’s major crypto exchanges, Binance, you may use the Binance Coin to sell and pay fees. Binance Coin, launched in 2017, has evolved beyond simply allowing deals on Binance’s market to giving profitable opportunities to invest in cryptocurrency. It can now be used for trade, payment processing, and even travel booking. It can also be exchanged for other cryptocurrencies like Ethereum or Bitcoin.
It was under 10p in 2017, but by February 1st, it had climbed to about £277, a return of around 377,000%.
5. U.S. Dollar Coin (USDC)
Market price: Over £32 billion
USD Coin (USDC), like Tether, is a stablecoin, which means that it is supported by US dollars & strives to achieve a 1 USD of between 1 USDC ratio. USDC is fueled by Ethereum, and traders might just use USD Coins to make international purchases and payments.
6. Cardano (ADA)
Market value: Over £26 billion
Cardano is renowned for adopting proof-of-stake validation early in the crypto sector. Since transaction verification is no longer competitive or problem-solving in platforms like Bitcoin, it saves time, energy, and reduces environmental impact. Cardano, like Ethereum, uses ADA, its native coin, to power smart contracts and autonomous apps.
Compared to major crypto coins, Cardano’s ADA token has grown slowly. In 2017, ADA was at 1.5p. It cost 77p on February 1, 2022, a 5,150% increase.
7. Solana (SOL)
Market value: Over £25 billion
Solana employs a hybrid proof-of-stake plus proof-of-history methodology to process transactions swiftly and securely. The platform is powered by SOL.
SOL began at £0.57 in 2020. In early February 2022, it was worth roughly £74, a gain of nearly 13,000%.
8. XRP (XRP)
Market cap: Over £21 billion
On the Ripple Network, XRP may be used to swap various currencies, including fiat money and the most popular cryptocurrencies. XRP was created by Ripple’s co-founders.
XRP’s price was £0.004 at the start of this year. More than 10,000 percent in price increase on 1 February 2022, reaching 46p.
9. Terra (LUNA)
Market value: Over £15 billion
Terra is indeed a blockchain cashless transaction which comes with lucrative selections to invest in cryptocurrency stablecoins that keeps two cryptocurrencies in balance. Terra-backed stablecoins like TerraUSD are pegged to fiat currency values. Luna, on the other hand, powers the Terra ecosystem and mints new Terra stablecoins.
Supply and demand drive Terra stablecoins and Luna: When a stablecoin’s price exceeds its associated currency’s worth, users are encouraged to burn Luna to produce more Terra. When its value falls relative to its main currency, users are encouraged to burn Terra stablecoins to generate Luna. As Terra platform use grows, so does Luna’s value.
Luna’s price rose from £0.47 on January 3, 2021 to £37.79 little over a year thereafter.
10. Polkadot (DOT)
Market price: Over £14 billion
Any combination of blockchains can be used. By connecting the many blockchains, Polkadot (and its eponymous crypto) hopes to combine them. Since Polkadot’s introduction in 2020, this integration has fueled significant growth.
Price rose 565 percent from September 2020 and February 2022, from £2.15 over £14.33.
The Bottom Line
The world of digital currency has gained huge popularity due to its potency of turning hundreds into thousands or even millions. If you invest in cryptocurrency, you will be able to change your tangible asset into intangible ones and witness its exponential growth.
Since the international cryptocurrency market is at verge of hitting U.S. $2.2 Billion, the room of higher revenues is getting widened up for crypto investors.