Cardano and Avalanche Lead the Pack with Impressive Weekly Gains
Recent market data reveals that two prominent cryptocurrencies within the top 20 in terms of market capitalization, avalanche (AVAX) and cardano (ADA), have witnessed significant growth over the past week. Avalanche has experienced a remarkable surge of 48.7%, while cardano has seen an impressive increase of 50.4% against the U.S. dollar.
Standout Performers: Cardano (ADA) and Avalanche (AVAX)
With a staggering 11,380 crypto assets listed on 940 crypto exchanges, the total value of the cryptocurrency market currently stands at $1.71 trillion. While popular tokens like bitcoin (BTC) witnessed a 10.2% increase and ethereum (ETH) saw an 8.3% rise, it is cardano and avalanche that have truly stood out, recording double-digit gains against the U.S. dollar.
Cardano (ADA) has seen a remarkable surge of 50.4%, reaching a high of 63 cents on December 9, 2023. Over the past month, ADA has climbed by an impressive 60.4%, and in the last year, the token has surged by 89.1% against the dollar. With a market capitalization of approximately $20.75 billion, cardano currently holds the ninth position among the top ten cryptocurrencies.
Over the past 24 hours, ADA has witnessed a trading volume of $1.39 billion. Despite the 89.1% gain over the year, ADA still remains more than 80% below its all-time high. On September 2, 2021, ADA reached $3.09 per coin, whereas it is currently trading at 59 cents per unit. Comparatively, cardano has experienced an astounding 2,964% increase from its price of approximately 1.9 cents recorded three years ago.
Avalanche (AVAX) has also witnessed substantial growth, with a surge of 48.7% against the U.S. dollar this week. With a market capitalization of $12 billion, AVAX currently holds the 11th position in terms of overall valuation. However, it has slightly decreased from its recent high of $33.98 recorded on December 9, 2023, and is currently trading at $33.15 per AVAX. Over the past 30 days, AVAX has experienced significantly larger gains, jumping by an impressive 149%.
Over the course of the past year, AVAX has seen a surge of 146.5% against the dollar. However, it is important to note that AVAX is still more than 77% below its all-time high price recorded on November 21, 2021, when it was trading at $144.96 per unit. On the other hand, AVAX has witnessed a remarkable 1,067% increase from its all-time low of $2.80 on December 31, 2020. In the past 24 hours, avalanche has seen a global trading volume of approximately $1.13 billion.
We would love to hear your thoughts and opinions on the gains witnessed by ADA and AVAX. Please share your comments in the section below.
Frequently Asked Questions
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This means you'll receive dividends every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. You pay only a small percentage of your gains tax. Plus, you get free access to your funds whenever you want.
Should You Invest in gold for Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. You can invest in both options if you aren't sure which option is best for you.
In addition to being a safe investment, gold also offers potential returns. Retirement investors will find gold a worthy investment.
Gold is more volatile than most other investments. As a result, its value changes over time.
But this doesn't mean you shouldn't invest in gold. It is important to consider the fluctuations when planning your portfolio.
Another benefit to gold? It's a tangible asset. Gold is more convenient than bonds or stocks because it can be stored easily. It can also be transported.
As long as you keep your gold in a secure location, you can always access it. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold usually rises when stocks fall.
You can also sell gold anytime you like by investing in it. Just like stocks, you can liquidate your position whenever you need cash. You don't have to wait for retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Also, don't buy too much at once. Start small, buying only a few ounces. Add more as you're able.
It's not about getting rich fast. It is to create enough wealth that you no longer have to depend on Social Security.
And while gold might not be the best investment for everyone, it could be a great supplement to any retirement plan.
Should You Purchase Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Experts believe this could change soon. They believe gold prices could increase dramatically if there is another global financial crises.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
These are some important things to remember if your goal is to invest in gold.
- Before you start saving money for retirement, think about whether you really need it. It is possible to save enough money to retire without investing in gold. However, when you retire at age 65, gold can provide additional protection.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offer varying degrees of security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. It is possible to lose your gold coins.
So, if you're thinking about buying gold, make sure you do your research first. Make sure to protect any gold you already own.
Can I buy Gold with my Self-Directed IRA?
While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. You can speculate on future prices, but not own the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
- (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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Gold IRAs are a growing trend
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
Gold IRA owners can now invest in physical gold bullion or bars. It can be used as a tax-free way to grow and it is an alternative investment option for people who are not comfortable with stocks or bonds.
A gold IRA allows investors to manage their assets without worrying about market volatility. The gold IRA can be used to protect against inflation or other potential problems.
Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.
The gold IRA also offers many other benefits, such as the ability to quickly transfer the ownership of the gold to heirs, and the fact the IRS doesn't consider gold a currency.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
By: Jamie Redman
Title: Cardano and Avalanche Soar, Outperforming Top 20 Cryptos in Weekly Surge
Sourced From: news.bitcoin.com/cardano-and-avalanche-soar-outperforming-top-20-cryptos-in-weekly-surge/
Published Date: Sun, 10 Dec 2023 16:30:12 +0000