Introduction
The sector of crypto economy dedicated to artificial intelligence (AI) has been experiencing steady expansion. In the past 34 days, since November 29, 2023, the market capitalization of AI-focused crypto assets has surged by $1.75 billion. This growth has been particularly prominent among the top ten AI tokens, with more than half of them recording double-digit gains. The frontrunner in this market is the graph (GRT), which has seen a significant increase of 40.73% over the previous month.
AI Crypto Market Cap Reaches $7 Billion
As we enter 2024, the market cap of the AI-centric crypto industry has reached an impressive $7.04 billion. This marks a substantial climb from its valuation of $1.1 billion on January 9, 2023. The data reveals that the AI cryptocurrency market expanded by a remarkable 540% in less than a year, with $1.75 billion of this growth occurring in the last 34 days since November 29, 2023.
Leading AI Tokens
At the forefront of the AI-focused token space is the graph (GRT), with a market valuation of $2 billion. It has experienced a 10% increase in just the past day and a 40.73% surge over the previous month, making it the top performer among the ten leading tokens. Fetch (FET) has also seen significant growth, climbing 34.29% over the month. Additionally, AGIX and OCEAN have increased by 5.85% and 4.45%, respectively, in the last 30 days.
Notable Performances
While most AI tokens have shown positive growth, there have been a few exceptions. Bittensor (TAO) experienced a 21% decline last month, but it has recently rebounded by 3% in the past 24 hours and still maintains an impressive 791% rise from its record low in May. Covalent (CQT) enjoyed a 20.93% hike this past month. Furthermore, a newcomer, PAAL, is up 8.9% for the month and has soared 52.48% over the past week. On the other hand, IMGNAI plunged 45.77% in 30 days, and BBANK decreased 38.9% against the greenback.
The Future of AI Tokens
In 2023, the AI technology sector experienced significant growth, contributing to the prosperity of the crypto economy. As we move into 2024, it remains to be seen how this momentum will continue or shift. The AI crypto sector, known for its rapid growth, presents both intrigue and potential as it evolves in the ever-changing landscape of digital assets.
What are your thoughts on the growth of AI tokens over the last year and in the past 30 days? Share your opinions in the comments section below.
Frequently Asked Questions
Is buying gold a good way to save money for retirement?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
The best form of investing is physical bullion, which is the most widely used. But there are many other options for investing in gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you need cash flow to finance your investment, then gold stocks could be a good option.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
How much of your IRA should include precious metals?
It's important to understand that precious metals aren't only for wealthy people. You don't have to be rich to invest in them. You can actually make money without spending a lot on gold or silver investments.
You might think about buying physical coins such a bullion bar or round. Stocks in companies that produce precious materials could be purchased. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.
No matter what your preference, precious metals will still be of benefit to you. Although they aren’t stocks, they offer the possibility for long-term gains.
Their prices are more volatile than traditional investments. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
Is gold a good IRA investment?
Anyone who is looking to save money can make gold an excellent investment. It's also a great way to diversify your portfolio. But there is more to gold than meets the eye.
It's been used as a form of payment throughout history. It's sometimes called “the world's oldest money”.
But gold, unlike paper currency, which is created by governments, is mined out from the ground. That makes it very valuable because it's rare and hard to create.
The supply-demand relationship determines the gold price. If the economy is strong, people will spend more money which means less people can mine gold. Gold's value rises as a result.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This means that more gold is produced, which reduces its value.
This is why investing in gold makes sense for individuals and businesses. You'll reap the benefits of investing in gold when the economy grows.
In addition to earning interest on your investments, this will allow you to grow your wealth. Additionally, you won't lose cash if the gold price falls.
Can the government take your gold
Your gold is yours and the government cannot take it. You earned it through hard work. It belongs to your. This rule may not apply to all cases. You could lose your gold if convicted of fraud against a federal government agency. Your precious metals can also be lost if you owe tax to the IRS. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
How is gold taxed within 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.
You can use gold as collateral to secure loans. When you borrow against your assets, lenders try to find the highest return possible. Selling gold is usually the best option. The lender might not do this. They may just keep it. Or, they may decide to resell the item themselves. The bottom line is that you could lose potential profit in any case.
You should not lend against your gold if it is intended to be used as collateral. Otherwise, it's better to leave it alone.
Do You Need to Open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. It is impossible to get back money if you lose your investment. This includes investments that have been damaged by fire, flooding, theft, and so on.
This type of loss can be avoided by investing in physical silver and gold coins. These items can be lost because they have real value and have been around for thousands years. These items are worth more today than they were when first produced.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. You should also consider using a third party custodian to protect your assets and give you access at any time.
Remember that you will not see any returns unless you are retired if you open an Account. Remember the future.
What precious metals could you invest in to retire?
It is gold and silver that are the best precious metal investment. They are both easy to trade and have been around for years. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: Gold is one of man's oldest forms of currency. It is also extremely safe and stable. It's a great way to protect wealth in times of uncertainty.
Silver: Silver has been a favorite among investors for years. It's a great option for those who want stability. Silver tends to move up, not down, unlike gold.
Platinium is another precious metal that is becoming increasingly popular. It's durable and resists corrosion, just like gold and silver. It is, however, more expensive than its competitors.
Rhodium: Rhodium can be used in catalytic convertors. It is also used in jewelry-making. It is relatively affordable when compared to other types.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also more accessible. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
Statistics
- (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)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- 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)
- 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)
External Links
finance.yahoo.com
cftc.gov
forbes.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
How To
Investing in gold or stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because most people believe that it is no longer economically profitable to invest gold. This belief comes from the fact most people see gold prices falling due to 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. Let's take a look at some of the benefits.
One of the oldest currencies known to man is gold. There are thousands of records that show gold was used over the years. It is a valuable store of value that has been used by many people throughout the world. It continues to be used in South Africa, as a way of paying their citizens.
You must first decide how much you are willing and able to pay per gram to decide whether or not gold should be your investment. The first thing you should do when considering buying gold bullion is to decide how much you will spend per gram. If you don't know your current market rate, you could always contact a local jeweler and ask them what they think the price is.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. Although gold's price has fallen, its production costs have not.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. However, if you are planning on doing so for long-term investments, then it is worth considering. Selling your gold at a higher value than what you bought can help you make money.
We hope this article helped you to gain a better appreciation of gold as a tool for investment. We recommend that you investigate all options before making any major decisions. Only then can informed decisions be made.
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By: Jamie Redman
Title: AI Crypto Market Cap Surges to $7 Billion Amidst Record 30-Day Gains
Sourced From: news.bitcoin.com/ai-crypto-assets-skyrocket-540-in-under-a-year-hitting-7-billion-market-cap/
Published Date: Tue, 02 Jan 2024 18:30:48 +0000
