The crypto market is picking upside momentum again and is now close to testing the $2.7 trillion mark. This momentum started after Bitcoin bounced off strong support at $55k, uplifting the entire market with it.
The rally has also been fueled by the increased adoption of cryptocurrencies by institutions. With hedge funds and other institutions moving to add crypto to their balance sheets, they have given this market an element of legitimacy that it lacked in the past.
The legitimization of Bitcoin by El Salvador has given cryptos a boost for several weeks now.
However, cryptocurrencies are still a long way off from their all-time highs. This means a well-timed entry into growth cryptocurrencies at current prices can make an investor richer this year.
These popular cryptos have the potential to make UK investors richer in 2022 and for many years to come.
5 Most Popular Cryptocurrencies in the UK that could Make You Richer in 2022
1. Ethereum (ETH)
Ethereum is one of the most popular cryptocurrencies in the UK and globally. Its fundamentals also make it a pretty sound bet for anyone who wants to grow their wealth through crypto in 2022.
One thing that makes Ethereum a sound bet is its network effect. This is the largest platform blockchain in the market, and its dominance is growing. Most of the new crypto tokens coming into the market are Ethereum-based.
It also has a huge share of the fast-growing DeFi market. Based on DeFi Pulse data, over 90% of the top DeFi projects run on the Ethereum blockchain.
This dominance is due to the decentralized nature of the Ethereum blockchain, and the fact that its ERC-20 standard is more like the industry standard for smart contracts.
These are factors that have been instrumental in getting Ethereum to where it is today. Going forward, its growth will be driven by the protocol upgrades it is implementing at the moment.
Due to its heavy usage, Ethereum is always operating at full capacity. This also means that Ethereum users have had to contend with high fees and network congestion for a long time.
This is set to change once Ethereum 2.0 is fully rolled out. The process started in December 2020 and has been going on in earnest.
The latest Ethereum rally was triggered by the London fork, which has made gas fees more predictable and also introduced token burning as part of the process for managing fees.
The excitement around this fork stems from the fact that it will make Ethereum cheaper, and more efficient for those looking to launch new projects.
For a network that is already dominant in the market despite its flaws, these upgrades add significantly to its intrinsic value.
It’s a factor that pretty much guarantees Ethereum growth in 2022.
However, even as Ethereum transitions to Ethereum 2.0, there is no vacuum towards enhancing its efficiency.
There are multiple layer two solutions that have become quite effective at helping at Ethereum scaling. One of the most successful ones is Polygon.
With such solutions and the fact that Ethereum on-chain scaling is getting better, there is no doubt that Ethereum adoption is set to grow at an exponential pace. It’s definitely the number one crypto to bet on in 2022.
Check Out: Will Ethereum Make Me Rich In Ten Years?
2. Dogecoin (DOGE)
Dogecoin is another highly popular cryptocurrency in the UK. Besides its massive popularity, this crypto has many potentials to make investors richer in 2022.
One thing that places Dogecoin among the cryptos that can make investors richer in 2022 is the upcoming Doge 1 mission.
This is a mission by SpaceX and other companies to literally send Dogecoin to the moon.
If past Dogecoin rallies are anything to go by, then the move to put Dogecoin on the moon could have a massive impact on the value of this crypto.
That’s because besides the hype it will create in crypto circles, it is an event that will attract the world’s largest media companies.
Dogecoin momentum is likely to start building up as 2022 approaches.
His interest saw the Doge developer team start working on an update that would help slash Dogecoin’s transaction fee. Musk tweeted that he liked the idea.
This is a big deal, as it increases the potential for Tesla to start accepting Dogecoin at some point in the future.
Essentially, all the key speculative factors that could move the market favour Dogecoin in short to medium term.
Given its massive potential, it’s a no-brainer that Dogecoin is one crypto that has a high chance of making investors richer in 2022.
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3. Chainlink (LINK)
Chainlink is not just one of the most popular cryptos in the UK but also one with lots of room for growth.
Link is one of the few cryptocurrencies that are dominant in their core markets. Bitcoin is dominant in crypto payments, Ethereum in the dApps market, while Chainlink is the king in the oracles market.
The majority of the dApps in the market today are powered by Chainlink oracles. Chainlink is so effective that a couple of dApps that tried using other oracles eventually moved back to Chainlink.
Given that the smart contracts economy is on an upward trajectory, Chainlink has what it takes to keep growing in value.
Over the next couple of months, Link could be given impetus by speculation around Chainlink staking. Investors awaiting staking could drive up demand for this crypto as they await it to become a reality.
Chainlink is also likely to ride on Ethereum’s momentum in 2022.
Ethereum is in a rally at the moment, driven by the London upgrade completed on August 5th. The upgrade has put it on course to the full rollout of Ethereum 2.0. This will keep it on an upwards trajectory.
Chainlink’s connection to all this is that it is used by the Ethereum scaling solutions that will form part of Ethereum 2.0.
Arbitrum and Optimism both use Chainlink for their data feeds. This is a big deal, and pretty much puts Link on a growth path as long as Ethereum is gaining.
So far, this correlation is showing, and Chainlink has recorded gains pretty close to those of Ethereum.
Going by this momentum, Chainlink comes across as a pretty good hold for 2022 and beyond.
Read Also: Is It Worth Investing in Chainlink?
4. Litecoin (LTC)
Litecoin is one of the most popular cryptos in the UK and one of the best for investors seeking growth.
One factor that makes Litecoin stand out in terms of growth potential is its high adoption levels.
Litecoin is one of the cryptos that have levels of adoption that are close to those of Bitcoin.
Its price also tends to move in tandem with that of Bitcoin. Given that Bitcoin is on the rise at the moment, Litecoin too is well-positioned for growth in 2022.
Read Also: Will Litecoin Make Me Rich?
5. Bitcoin (BTC)
Bitcoin definitely makes it to the list of cryptos that have the potential to give investors growth in 2022.
One thing that makes it stand out in terms of value growth potential is the fact that it has managed to overcome a lot of negative news this year and bounce back.
The biggest of them was the Chinese crackdown on Bitcoin mining. This was the major trigger that saw Bitcoin drop from $64k to lows of $28k.
However, the market has since adjusted to this with mining moving to other Asian countries such as Kazakhstan, North America, and even to places like El Salvador.
Essentially the crackdown on Bitcoin mining in China made this crypto stronger by decentralizing mining geographically.
It means that no single country will ever put the Bitcoin network at risk by threatening miners.
The Bitcoin network is also growing in adoption as a payment method. This year companies like Tesla announced that they would be accepting Bitcoin payments.
While the company later paused on this move, Elon Musk has reiterated that the company was still open to accepting Bitcoin for payments.
Bitcoin has also seen an increase in the number of institutions that are buying it as an investment. Bitcoin investment vehicles like Grayscale have seen a huge uptake in the last couple of months.
Besides such investment vehicles, institutions like Microstrategy and Ark Invest are buying lots of Bitcoin.
This is positively affecting the price of Bitcoin because it is a scarce asset. As more of these institutions take up this crypto, its value is bound to keep rising. It is a crypto that has an excellent chance to give customers value growth for many years into the future.
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