Bitcoin and Ethereum See Modest Gains
In the past week, the value of bitcoin increased by a modest 2.7% against the U.S. dollar, while ethereum saw a rise of 6.5%. While these gains were relatively small, a number of other cryptocurrencies experienced significant double-digit increases, with Blur's token BLUR leading the way with a staggering 72% surge.
17 Cryptocurrencies Record Double-Digit Growth
As of Sunday, November 26, 2023, the total market capitalization of the cryptocurrency sector stands at $1.43 trillion. This week, a total of 17 digital currencies achieved double-digit growth, with BLUR taking the top spot with its impressive 72% surge.
Following closely behind BLUR, apecoin (APE) saw an increase of 26.3%, while klaytn (KLAY) experienced a comparable ascent of 26%. Additionally, mina protocol (MINA) climbed by 24.1%, and illuvium (ILV) rose by 22.9% over the course of the week, according to data from coingecko.com.
Other cryptocurrencies that saw notable increases this week include uniswap (UNI), sui (SUI), and bittensor (TAO), with gains ranging from 16% to 19.2%. However, alongside these gains, several digital assets experienced declines.
Celestia (TIA) saw a significant drop, losing 21% of its value over the week, while rollbit coin (RLB) decreased by 8.1%. MATIC fell by 8%, and kaspa (KAS) suffered a 6% decline.
Additional cryptocurrencies that didn't perform well during this seven-day period include XDC, BNB, SOL, CAKE, and SHIB. On the other hand, the four digital currencies with the highest trading volumes this week were USDT, BTC, ETH, and USDC.
Bitcoin and Ethereum Dominate the Crypto Market
Within the $1.43 trillion crypto economy, bitcoin's market value represents 51.2% of the total, while ethereum accounts for 17.5% as of November 26. In terms of 24-hour performance, the leading crypto gainers include SUPER, ETHW, ROSE, PRIME, and MAGIC, whereas the most notable losers are SNX, SEI, FTT, and PENDLE.
It's worth noting that this week's top-performing cryptocurrencies displayed less vigorous growth compared to the previous week, where several coins achieved triple-digit increases over a seven-day span.
What are your thoughts on the week's biggest gainers and losers in the world of crypto trading? Share your opinions in the comments section below.
Frequently Asked Questions
What are the pros and cons of a gold IRA?
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. An IRA is a good choice for those who want a way to save some money but don’t want the tax. There are some disadvantages to this investment.
You could lose all of your accumulated money if you take out too much from your IRA. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do decide to withdraw funds from your IRA, you'll likely need to pay a penalty fee.
The downside is that managing your IRA requires fees. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management costs ranging from $10-50.
You can purchase insurance if you want to keep your money out of a bank. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. Some insurers may require you to have insurance that covers losses up $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers limit how many ounces you can keep. Some providers allow you to choose your weight.
You'll also need to decide whether to buy physical gold or futures contracts. Physical gold is more expensive than gold futures contracts. Futures contracts provide flexibility for purchasing gold. Futures contracts allow you to create a contract with a specified expiration date.
You also need to decide the type and level of insurance coverage you want. The standard policy doesn't include theft protection or loss due to fire, flood, or earthquake. The policy does not cover natural disasters. You might consider purchasing additional coverage if your area is at high risk.
In addition to insurance, you'll need to consider the cost of storing your gold. Storage costs are not covered by insurance. Safekeeping costs can be as high as $25-40 per month at most banks.
You must first contact a qualified custodian before you open a gold IRA. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians are not allowed to sell your assets. Instead, they must hold them as long as you request.
Once you've chosen the best type of IRA for you, you need to fill in paperwork describing your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. It is also important to specify how much money you will invest each month.
After completing the forms, send them along with a check or a small deposit to your chosen provider. After reviewing your application, the company will send you a confirmation mail.
Consider consulting a financial advisor when opening a golden IRA. A financial planner is an expert in investing and can help you choose the right type of IRA for you. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
Is it possible to hold a gold ETF within a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
An IRA traditional allows both employees and employers to contribute. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
Also available is an Individual Retirement Annuity. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions to IRAs do not have to be taxable
Should You Invest in Gold for Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. Consider investing in both.
In addition to being a safe investment, gold also offers potential returns. This makes it a worthwhile choice for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. Because of this, gold's value can fluctuate over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. It is important to consider the fluctuations when planning your portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold can be stored more easily than stocks and bonds. It can be easily transported.
You can always access gold as long your place it safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold rises in the face of a falling stock market.
You can also sell gold anytime you like by investing in it. Just like stocks, you can liquidate your position whenever you need cash. It doesn't matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. Don't place all your eggs in the same basket.
You shouldn't buy too little at once. Start with just a few drops. Next, add more as required.
Keep in mind that the goal is not to quickly become wealthy. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.
While gold may not be the best investment, it can be a great addition to any retirement plan.
What tax is gold subject in an IRA
The tax on the sale of gold is based on its fair market value when sold. Gold is not subject to tax when it's purchased. It is not income. If you sell it later you will have a taxable profit if the price goes down.
For loans, gold can be used to collateral. Lenders look for the highest return when you borrow against assets. In the case of gold, this usually means selling it. There's no guarantee that the lender will do this. They may hold on to it. They might decide that they want to resell it. In either case, you risk losing potential profits.
If you plan on using your gold as collateral, then you shouldn't lend against it. You should leave it alone if you don't intend to lend against it.
What is the value of a gold IRA
The benefits of a gold IRA are many. It can be used to diversify portfolios and is an investment vehicle. You decide how much money is put in each account and when it is withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. If you are planning to retire early, this makes it easy to transition.
The best thing about investing in gold IRAs is that you don’t need any special skills. They're readily available at almost all banks and brokerage firms. Withdrawals can be made instantly without the need to pay fees or penalties.
However, there are still some drawbacks. Gold is known for being volatile in the past. Understanding why you invest in gold is crucial. Are you seeking safety or growth? Are you trying to find safety or growth? Only then will you be able make informed decisions.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. A single ounce isn't enough to cover all of your needs. Depending on the purpose of your gold, you might need more than one ounce.
A small amount is sufficient if you plan to sell your gold. Even one ounce is enough. These funds won't allow you to purchase anything else.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
irs.gov
bbb.org
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
How To
Tips for Investing in Gold
Investing in Gold is one of the most popular investment strategies worldwide. This is because there are many benefits if you choose to invest in gold. There are many ways you can invest in gold. Some people buy physical gold coins, while others prefer investing in gold ETFs (Exchange Traded Funds).
Before buying any type gold, it is important to think about these things.
- First, find out if your country allows gold ownership. If your country allows you to own gold, then you are allowed to proceed. You can also look at buying gold abroad.
- The second thing you need to do is decide what type of gold coins you want. You can go for yellow gold, white gold, rose gold, etc.
- Third, consider the cost of gold. It is best to start small and work your way up. Diversifying your portfolio is a key thing to remember when purchasing gold. Diversify your investments in stocks, bonds or real estate.
- Remember that gold prices are subject to change regularly. Therefore, you have to be aware of current trends.
—————————————————————————————————————————————————————————————-
By: Jamie Redman
Title: 7-Day Crypto Snapshot: BLUR, APE, KLAY, and MINA Lead This Week’s Market Rallies
Sourced From: news.bitcoin.com/7-day-crypto-snapshot-blur-ape-klay-and-mina-lead-this-weeks-market-rallies/
Published Date: Sun, 26 Nov 2023 17:30:40 +0000
