Bitcoin's value surged by over 14% in the last week, while Ethereum also experienced a notable 13% increase against the U.S. dollar. Alongside these top contenders, a considerable number of other cryptocurrencies have also enjoyed substantial gains throughout the seven-day span.
Top Coins Thrive as Market Value Hits $1.7 Trillion
Currently, the crypto market, which features over 11,000 cryptocurrencies spread across 940 exchanges, is experiencing steady growth. Its total worth has reached $1.7 trillion, marking a 2.8% rise in just the last 24 hours.
The overall worth of the crypto market is consistently increasing. While much of this growth is attributed to BTC and ETH, other digital currencies are also witnessing impressive upticks.
Weekly Gainers: BONK, ORDI, BTT, and More
Leading the charge this week is the meme coin bonk (BONK) with a significant 226% increase against the U.S. dollar. Following closely behind are ORDI, which soared by 146%, and BTT, with a 117% jump. These three coins have seen triple-digit surges, making them the top gainers of the week.
Other notable cryptocurrencies with double-digit growth include Terra luna classic (LUNC) with a 72% increase, beam (BEAM) with a 60% rise, WEMIX with a 60% surge, HNT with a 51% jump, STX with a 43% uptick, and LUNA 2.0 with a 40% growth.
High-Volume Tokens: SOL, XRP, DOGE, LINK, ADA, and BNB
When excluding BTC, ETH, USDT, and USDC, the frontrunners in global trade volume this week are SOL, XRP, DOGE, LINK, ADA, and BNB. These high-volume tokens have all registered increases ranging from 7% to 21% over the past week.
Weekly Losers: MKR, LEO, TON, BGB, and ILV
Not every cryptocurrency enjoyed an upward trend over the week. Maker (MKR) saw a 6.4% decrease, and Bitfinex's LEO token dipped by 4.3%. TON also fell by 4.3%, BGB by 4.1%, and ILV by roughly 3.8%.
Other cryptocurrencies that experienced a downturn this week include KAS, AAVE, and OKB. In summary, only eight cryptocurrencies recorded losses against the U.S. dollar in the past week, while the rest either gained value or remained stable.
What are your thoughts on this week's biggest gainers and losers? Share your opinions in the comments section below.
Frequently Asked Questions
What is the best way to hold physical gold?
Gold is money and not just paper currency. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
One reason is that gold historically performs better than other assets during financial panics. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. Gold was one asset that outperformed stocks in turbulent market conditions.
Another benefit to investing in gold? It has virtually zero counterparty exposure. If your stock portfolio goes down, you still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, the liquidity that gold provides is unmatched. This means that you can sell gold anytime, regardless of whether or not another buyer is available. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows one to take advantage short-term fluctuations within the gold price.
What are some of the advantages and disadvantages to a gold IRA
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don't have to pay taxes on any interest earned. An IRA is a great option for those who want to save money, but don't want tax on any interest earned. However, there are also disadvantages to this type of investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
A disadvantage to managing your IRA is the fact that fees must be paid. Many banks charge between 0.5%-2.0% per year. Others charge management fees that range from $10 to $50 per month.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. In order to make a claim, most insurers will require that you have a minimum amount in gold. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers limit the number of ounces of gold that you can own. Others let you choose your weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. The price of physical gold is higher than that of gold futures. Futures contracts provide flexibility for purchasing gold. They allow you to set up a contract with a specific expiration date.
You'll also need to decide what kind of insurance coverage you want. The standard policy does not include theft protection or loss caused by fire, flood, earthquake. However, it does cover damage caused by natural disasters. You may consider adding additional coverage if you live in an area at high risk.
Insurance is not enough. You also need to think about the cost of gold storage. Insurance doesn't cover storage costs. Safekeeping costs can be as high as $25-40 per month at most banks.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians aren't allowed to sell your assets. Instead, they must keep your assets for as long you request.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining 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.
You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. The company will then review your application and mail you a letter of confirmation.
When opening a gold IRA, you should consider using a financial planner. Financial planners are experts at investing and can help you determine which type of IRA is best for you. They can help reduce your expenses by helping you find cheaper alternatives to buying insurance.
How Much of Your IRA Should Include Precious Metals?
It is important to remember that precious metals can be a good investment for anyone. You don't have to be rich to invest in them. There are many methods to make money off of silver and gold investments.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. It is possible to also purchase shares in companies that make precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. Even though they aren't stocks, they still offer the possibility of long-term growth.
And unlike traditional investments, they tend to increase in value over time. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
Is buying gold a good way to save money for retirement?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
The best form of investing is physical bullion, which is the most widely used. However, there are many other ways to invest in gold. You should research all options thoroughly before making a decision on which option you prefer.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you need cash flow from an investment, purchasing gold stocks is a good choice.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
What precious metals do you have that you can invest in for your retirement?
Silver and gold are two of the most valuable precious metals. They're both easy to buy and sell and have been around forever. They are a great way to diversify your portfolio.
Gold: One of the oldest forms of currency, gold, is one of mankind's most valuable. It is very stable and secure. This makes it a good option to preserve wealth in uncertain times.
Silver: Investors have always loved silver. It is an excellent choice for investors who wish to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinum: This precious metal is also becoming more popular. It's resistant to corrosion and durable, similar to gold and silver. It is, however, more expensive than its competitors.
Rhodium. Rhodium is used as a catalyst. It is also used as a jewelry material. It is relatively affordable when compared to other types.
Palladium: Palladium is similar to platinum, but it's less rare. It's also less expensive. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
irs.gov
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
bbb.org
How To
Investing with gold or stocks
This might make it seem very risky to invest gold as an investment tool. This is because many people believe gold is no longer financially profitable. This belief stems from the fact that most people see gold prices being driven down by the global economy. They fear that investing in gold will result in a loss of money. In reality, though, gold investment can offer significant benefits. Below we'll look at some of them.
Gold is the oldest known form of currency. It has been in use for thousands of year. People around the world have used it as a store of value. It continues to be used in South Africa, as a way of paying their citizens.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. You must determine how much gold bullion you can afford per gram before you consider buying it. You can always ask a local jeweler what the current market rate is if you don't have it.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. Although gold's price has fallen, its production costs have not.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. It makes sense to save any gold you don't need to purchase if your goal is to use it for wedding rings. However, if you are planning on doing so for long-term investments, then it is worth considering. Profitable gold can be sold at a lower price than it was when you bought it.
We hope you have gained a better understanding about gold as an investment tool. It is important to research all options before you make any decision. Only after you have done this can you make an informed choice.
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By: Jamie Redman
Title: This Week’s Biggest Gainers and Losers: BONK, ORDI, BTT Lead Triple-Digit Growth in Booming Crypto Market
Sourced From: news.bitcoin.com/this-weeks-biggest-gainers-and-losers-bonk-ordi-btt-lead-triple-digit-growth-in-booming-crypto-market/
Published Date: Fri, 08 Dec 2023 16:30:20 +0000
