Top Cryptocurrencies in British Investors’ Portfolios

As of 2024, approximately 11% of Britons, roughly 5.6 million adults, invested in cryptocurrency. That is a massive jump from 2018 when only 3% of the population traded digital currencies. With the increased rate of crypto adoption in the UK, we’re looking at the top 10 cryptocurrencies making waves in 2024. Let’s get right into it.

Bitcoin (BTC)

Bitcoin has been the biggest digital currency in terms of its market value and liquidity, even though it has faced numerous bear markets. It was the first to enter the market, and so despite rising interest in other digital coins, such as Solana or XRP, most investors still prefer Bitcoin. The reason is simple—whenever Bitcoin moves, other coins follow. Bitcoin has become so popular in the UK that a number of businesses now accept it as a mode of payment.

Bitcoin’s popularity on crypto exchanges such as Oanda demonstrates the cryptocurrency’s lasting appeal and remains a top choice for excellent profits in the crypto market.

Ethereum (ETH)

Ethereum is the second largest cryptocurrency and is essentially Bitcoin’s top rival. While Bitcoin gets all the media attention, Ethereum is an ideal investment choice. One of the major reasons is its increased number of utilities. Its blockchain network was the first to introduce smart contracts, allowing apps to run independently without a central authority. Also, it is constantly improving—there have been significant updates and even more to come. Furthermore, UK investors favour Ethereum due to its leading role in DeFi and widespread recognition. So, considering all these advantages, Ethereum is among the top reliable choices for portfolio diversification in the UK.

Dogecoin (DOGE)

Initially launched as a bitcoin satire in 2013, Dogecoin (DOGE) has become a prominent meme coin. Its high-profile endorsement from people like Elon Musk has helped it experience explosive growth. Unlike other major cryptocurrencies, Dogecoin has a massive community following, and its lack of a cap on its market supply makes it an attractive option for UK investors.

Litecoin (LTC)

Litecoin is an offshoot of Bitcoin. It functions similarly to its predecessor but prioritises speed above all else, which is one of the major reasons it is popular in the UK. Its key distinction lies in its block generation rate, which leads to faster transaction confirmations.

In 2017, it was the first cryptocurrency to use the Lightning Network to complete the first transaction in less than a second.

Bitcoin Cash (BCH)

Bitcoin Cash is also a derivative of Bitcoin. Its mining process and total supply are similar to Bitcoin, but its block size is 8MB, compared to Bitcoin’s 1MB. This makes BCH transactions much faster than Bitcoin. For context, Bitcoin processes seven transactions per second, while BCH can complete 116 transactions per second on average. Bitcoin Cash was hard-forked from Bitcoin in 2017, but its faster, cheaper transactions have helped it stand out among UK investors.

Stellar (XLM)

Stellar was designed for transferring valuable assets across borders. Its goal is to make global money transfers easier, more convenient, and more affordable for banks, payment systems, and individuals. The platform’s native cryptocurrency, Lumens (XLM), powers transactions within the Stellar network. Stellar has also secured partnerships with prominent financial institutions, attracting investors’ significant interest in its Lumens token.

Cardano (ADA)

ADA (Cardano’s native cryptocurrency) has long been a top-tier coin that, through multiple boom and bust cycles in the last decade-plus, never left the top 10. It has been through periods where its blockchain simply doesn’t work at all—but it continues to enjoy strong liquidity and broad availability on leading exchanges.

It had a remarkable 2023, surging 40% from 25 cents to 35 cents, and its market cap now exceeds $12 billion. However, it had a 42% drop in 2024, which suggests it’s better suited for long-term investors.

Ripple (XRP)

Ripple (XRP) is ranked 6th globally and has shown phenomenal growth for retail and institutional investors. Despite its adversity with the SEC, Ripple proved to be a strong contender against Bitcoin in payment systems in the future. According to reports, Ripple was the 8th most popular cryptocurrency among UK investors in 2021.

Basic Attention Token (BAT)

Basic Attention Token (BAT) is a digital advertising token built on the Ethereum blockchain. The token aims to create a new promotion model that benefits users, advertisers, and publishers. Users who browse the internet with Brave’s free browser can replace standard ads with those from Brave’s network. Advertisers can use this platform to deliver targeted ads, increasing engagement and minimising losses from ad fraud and abuse. Users then earn BAT from advertisers in return for their attention. Launched in 2017 after an initial coin offering (ICO), BAT now has a market cap of $257.38 million.

Tether (USDT)

Tether (USDT) is a stablecoin designed to maintain a consistent market value by pegging its worth to an external stable asset. Its value is directly linked to the US dollar, with the developers asserting that they hold one US dollar (or an equivalent) for each USDT in circulation.

While most digital currencies, like Bitcoin, are known for their significant price volatility, Tether and other stablecoins do not fluctuate in value. This makes them an excellent choice for those who need to store their cryptocurrencies without having to worry about volatility.

Diversification Is Key for the Crypto Market

Investors should not put all their eggs in one basket. The crypto market is volatile, and being informed can go a long way. Traders should examine these top picks among British investors and diversify their portfolios appropriately. Happy Trading.