What Are the Most Popular Cryptocurrencies In The UK?

What Are the Most Popular Cryptocurrencies In The UK?

When choosing the best cryptocurrency exchange for your needs, it’s important to look at supported currencies, pricing, withdrawal options, and security—which is where we focused when picking this list of the best cryptocurrency exchanges. Keep reading to learn more about which cryptocurrency exchange in the UK could be best for your goals.

What Are The Key Cryptocurrency Trends In The UK?

The UK has become the leading country in Europe for cryptocurrency transactions, with $170bn (£123bn) worth of deals.

According to a report from the blockchain data platform, Chainalysis, central, northern, and western Europe (CNWE) had the biggest cryptocurrency economy in the world, receiving more than $1tn worth of digital coins over the last year.

CNWE transaction volume grew significantly across virtually all cryptocurrencies and service types, but especially on decentralized finance (DeFi) protocols, the data found.

The region also became the biggest crypto trading partner for every other area, sending at least 25% of all value received by other regions, including 34% of value received by North America.

This was largely driven by a significant increase in institutional transactions which grew from $1.4bn in July last year, to $46.3bn in June 2021.

The research, which is made up of three metrics, includes data on North America, Europe, Eastern Asia, Latin America, and the Middle East, focusing on geographic trends in crypto adoption, usage, and regulation.

The three metrics are on-chain cryptocurrency value received, the on-chain retail value received, and peer-to-peer exchange trade volume.

What are the most popular cryptocurrencies in the UK?

1. Bitcoin (BTC)

2. Litecoin

3. Dogecoin (DOGE)

4. Uniswap (UNI)

5. Ethereum (ETH)

6. Maker (MKR)

7. Shiba Inu (SHIB)

8. Cardano (ADA)

9. Ripple (XRP)

10. Sushiswap (SUSHI)

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Top 10 most popular cryptocurrencies in the UK

1. Bitcoin (BTC)

Photo: blockdio

The price of Bitcoin has seen a colossal rise since the beginning of 2021. Even though the token had a dip in the May 19 market crash, Bitcoin has always risen significantly. The primary factor behind Bitcoin’s growth this year is the increasing demand from professional trading firms and institutional investors. It has also brought stability for its price, making BTC a good buy for future returns.

The newly emerged cheerleaders of Bitcoin include several billionaire hedge fund managers who are convinced that buying BTC is equivalent to buying gold. It is one of the most popular cryptocurrencies in the UK, and the key reason for it is its first-mover advantage.

Bitcoin started the legion of cryptocurrencies, and it is still the most preferred choice of investment for long-term investors even after years. The Financial Conduct Authority (FCA) study revealed that Bitcoin is the most recognized and accepted cryptocurrency in the UK. That is, BTC has established its unique position in the market and investors portfolio as a viable long-term investment option.

Bitcoin emerged in 2009, shortly after the Global Financial Crisis in 2007-2008, where the UK economy shrank, which is also one reason why BTC is popular in the UK. Therefore, with further development to its network and increasing adoption rate, BTC could significantly rise in value in the coming years, marking record highs.

2. Litecoin

Photo: euronews

The purported goal of Litecoin was to address the scalability and speed issues of blockchain that Bitcoin could not solve. Since it is one of the purest forks of Bitcoin, LTC was created with the essential factors of the de facto cryptocurrency, along with some advanced features.

While Bitcoin turned into a store of value, Litecoin gained popularity in the UK crypto market as a transactional cryptocurrency. Its unique Atomic Swap technology facilitates seamless cross-border transfers. Therefore, LTC allows the transfer of everyday payments across borders at a relatively fast pace with low transaction fees.

Yet another factor that boosted the popularity of Litecoin is the release of the role-playing game LiteBinger that runs on its blockchain. Reports from Litecoin foundation states that transactions tripled in volume the week followed by the release.

However, the assets’ massive market capitalization and its established stability in the crypto space is one reason to buy LTC now for future returns. Litecoin has been in the market for over 10 years and is listed in almost all popular cryptocurrency exchanges. LTC is one of the best altcoins to buy now as it ensures high liquidity and profit potential for investors over the long run.

Moreover, thanks to Litecoin’s mining algorithm known as Scrypt, the token is highly energy efficient. With the heated argument about the sustainable nature of cryptocurrencies, LTC has certainly gained significant popularity as an environmentally friendly coin.

3. Dogecoin (DOGE)

Photo: wiki.tino

Originally created as a joke after the run-up in Bitcoin, Dogecoin takes its name from an internet meme featuring a Shiba Inu dog. Unlike many digital currencies limiting the number of coins in existence, Dogecoin has unlimited issuance. It can be used for payments or sending money.

Dogecoin, the most popular cryptocurrency, has seen its value rise higher over the past few weeks. The unique meme cryptocurrency was born out of the legendary dog meme and crypto movement in 2013 when cryptocurrency was picking up its pace. But the crypto has evolved to be more than just a joke and started gaining serious attention from investors very shortly.

One among many reasons to buy DOGE is that it consumes very little energy. At a time when the sustainable nature of cryptocurrencies is a heating topic in the market, Dogecoin has an added advantage. Since it uses the script mining algorithm, Dogecoin is highly energy-efficient and environmentally friendly.

4. Uniswap (UNI)

Photo: wiki.tino

Uniswap (UNI) is an Ethereum token that powers Uniswap, an automated liquidity provider designed to facilitate the exchange of Ethereum (ERC-20) tokens. There is no order book or central facilitator on Uniswap. Instead, tokens are traded through liquidity pools defined by smart contracts.

Uniswap pioneered the Automated Market Maker model, in which users supply Ethereum tokens to Uniswap “liquidity pools” and algorithms set market prices (as opposed to ordering books, which match bids and asks on a centralized exchange like Coinbase).

By supplying tokens to Uniswap liquidity pools, users can earn rewards while enabling peer-to-peer trading. Anyone, anywhere, can supply tokens to liquidity pools, trade tokens, or even create and list their own tokens (using Ethereum’s ERC-20 protocol).

There are currently hundreds of tokens available on Uniswap, and some of the most popular trading pairs are stable coins like USDC and Wrapped Bitcoin (WBTC).

5. Ethereum (ETH)

Photo: thegioididong

Ethereum is one of the most popular cryptocurrencies in the UK, thanks to its advanced blockchain technology. ETH started gaining massive traction back in March 2020 when CONA Services (Coke One North America) announced that it would be using the Ethereum blockchain to enjoy the benefits of decentralized finance(DeFi).

CONA Services, the tech partner of the 12 biggest coca-cola bottling plants in the United States, has been carrying out transactions in the Ethereum blockchain so far, boosting its popularity. They chose the network to increase transparency throughout its supply chain, and Ethereum served its purpose.

Ethereum is much more than just a cryptocurrency. It is an open-source operating system and computing platform supporting distributed applications (dApps) and smart contracts. ETH has been one of the popular choices for investors and institutions alike. The coin also holds the name of the first programmable money in the world.

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6. Maker (MKR)

Photo: goctienao

Maker is a cryptocurrency that is used by MakerDAO. DAO stands for decentralized autonomous organization). MakerDAO is built on Ethereum, which is a blockchain that allows developers to build different projects.

The coin also features its own stable coin, DAI. All of this runs on Maker's smart contracts. The Maker Protocol enables you to redeem Dai in return for depositing Ethereum-based tokens as collateral.

In this guide, I will take you through the process of buying Maker tokens in the UK, as well as every other detail you need to know about the token. The guide is comprehensive and elaborate to ensure that even a beginner can understand all the processes involved.

7. Shiba Inu (SHIB)

Photo: vietnamnet

Shiba Inu Coin is one of the most popular cryptocurrencies in the UK, thanks to its substantial growth since the beginning of 2021.

One of the biggest reasons to buy SHIB is its growing fanbase. It is now a hot topic of discussion in international chat rooms, social media platforms, and among meme-makers. There is a strong community behind the success and popularity of the token today, which will drive SHIB to new heights in the coming years.

Moreover, there is no centralized team or direct leadership behind Shiba Inu. Therefore, the project’s future lies in the hands of the dedicated community who have decided to invest their hard-earned money in it. The development team rightly calls the project an experiment in decentralized spontaneous community building.

Yet another factor that drives the price of SHIB in 2021 is the token's listing as an option of payment by GrupoCino. The team announced in June 2021 that GrupoCinco, one of the largest entertainment groups in Paraguay, will start accepting SHIB in July. The token will be accepted as a form of payment for 24 outlets including, pubs, restaurants, and nightclubs. This will eventually expose SHIB to the 50,000 customers who engage with various company outlets, boosting SHIB token’s adoption rate.

8. Cardano (ADA)

Photo: dubaotiente

Cardano is so popular in the UK cryptocurrency market as the most actively developed project in the blockchain space.

ADA has emerged as one of the best performing cryptocurrencies in 2021 with its new feature rollouts and the significant surge in price. Cardano is a third-generation public blockchain platform that introduces new standards into the crypto space to facilitate interoperability across networks.

A key reason why ADA is the most popular cryptocurrency in the UK is that it is continuously tackling some of the crucial issues affecting large-scale blockchain adoption. This includes scalability, speed, and interoperability. Moreover, Cardano is the first cryptocurrency based on a Proof-of-Stake algorithm. Finally, its founders were highly conscious of the sustainable nature of cryptocurrencies, making ADA one of the best green coins to buy now.

9. Ripple (XRP)

Photo: stormgain

Formerly known as Ripple and created in 2012, XRP offers a way to pay in many different real-world currencies. Ripple can be useful in cross-border transactions and uses a trust-less mechanism to facilitate payments.

Ripple, the company behind the XRP token, describes itself as a payment solutions company. Today XRP is deployed by several financial institutions to facilitate cross-border payments between countries seamlessly. It is a unique cryptocurrency designed to solve a real-world issue, a significant reason for its increasing popularity.

The purported goal of the token is to simplify financial payments as the traditional monetary payment system is fragmented, expensive, and complicated. Ripple offers faster, cheaper, and more secure alternatives to facilitate cross-border payments using XRP. Ripple is one of the most popular cryptocurrencies in the US because of its utility. While according to expert predictions, with more institutional adoptions, XRP would soon become even more popular in the country.

10. Sushiswap (SUSHI)

Photo: fif

Sushiswap, the fork of Uniswap, is an automated market maker (AMM) that allows users to trade cryptocurrencies directly. The platform enables users to exchange, earn, borrow, lend tokens, stack yields, and even leverage funds. In addition, users can swap any cryptocurrency token based on the ERC-20 Ethereum protocol for another ERC-20 token in the liquidity pool created by the Sushiswap decentralized exchange.

The value and price of the SUSHI token increase as Sushiswap charges a trading fee for transactions on the network. This will also offer token holders to make a good amount of profit. Moreover, even liquidity providers have been rewarded with the SushiSwap Liquidity Provider (SLP) tokens for staking their tokens in liquidity pools.

Yet another feature that makes Susiswap a potential cryptocurrency is its Minimal Initial Sushiswap Offering (MISO). It is a suite of open-source smart contracts designed to ease the process of launching a new project on the Sushiswap exchange. Therefore, MISO shows that Sushiswap is a potential, forward-thinking, cutting-edge architecture project. It also aims to include the hype-driven sector of NFTs and the economic potential of IDOs into its ecosystem.

SUSHI is a popular cryptocurrency available on all major exchanges like Binance, Huobi Global, and FTX. Additionally, the Sushiswap exchange allows users to quickly swap between 100+ ERC-20 tokens without the need for KYC. It is also backed by the strong support network provided by several affluent Chinese entrepreneurs.

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