A Week of Highs and Lows for Cryptocurrencies
As of this writing, the crypto market is currently valued at $1.42 trillion, with bitcoin (BTC) dominating 49.9% of the overall market cap. However, this past week has seen bitcoin and ethereum experiencing relatively stagnant performance in terms of their percentage changes. Interestingly, a number of other digital currencies have outperformed the top two. Notably, BONK and TAO have soared by 136% and 97.3% respectively.
Notable Gains for BONK, TAO, and KAS
During the past seven days, the spotlight in the crypto market has been on BONK, TAO, and KAS, as they recorded substantial gains ranging from 70% to 136%. Trailing slightly behind were skale (SKL) and axelar (AXL), which climbed by 59% and 58% respectively.
Interestingly, approximately 50 cryptocurrencies experienced upward movements exceeding 4% in the past week. However, only 27% of cryptocurrencies exhibited positive trends during Monday's trading sessions.
Notable Declines in the Market
While some cryptocurrencies experienced significant gains, others faced notable declines. ZRX, for instance, plummeted by 29%, while RBL dropped by 18.9% over the week. LUNA and FIL also faced losses, with a decrease of 17.15% and 12.64% respectively.
In total, seven cryptocurrencies experienced double-digit declines in the past week. Other coins that witnessed notable downturns include SUI, DFI, TWT, IOTX, SNT, and ATOM. Monday's trading sessions saw 50 digital currencies reporting losses of 4% or more compared to the previous week.
Trading Volumes and Market Sentiment
Aside from USDT, BTC, and ETH, high trading volumes were observed in coins such as SOL, XRP, AVAX, and LINK. Additionally, BNB, DOGE, NEAR, and MATIC also recorded significant volumes. While certain tokens flourished in the market, other markets exhibited a less receptive stance.
What are your thoughts on this week's market gainers and losers? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. Interest rates can also affect the gold price.
Due to their limited supply, gold prices fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
How Much of Your IRA Should Be Made Up Of Precious Metals
It's important to understand that precious metals aren't only for wealthy people. They don't require you to be wealthy to invest in them. There are many ways that you can make money with gold and silver investments, even if you don't have much money.
You might consider purchasing physical coins, such as bullion bars and rounds. Also, you could buy shares in companies producing precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. Although they aren’t stocks, they offer the possibility for long-term gains.
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.
What precious metal should I invest in?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Gold is a traditional haven investment. However, it is not always the most profitable. For example, if your goal is to make quick money, gold may not suit you. Silver is a better investment if you have patience and the time to do it.
Gold is the best investment if you aren't looking to get rich quick. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
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
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
investopedia.com
irs.gov
How To
The growing trend of gold IRAs
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
Owners can invest in gold bars and bullion with the gold IRA. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
A gold IRA allows investors to manage their assets without worrying about market volatility. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also get the unique benefits of owning physical Gold, including its durability, portability, flexibility, and divisibility.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
All this means that the gold IRA is becoming increasingly popular among investors seeking a haven during financial uncertainty.
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By: Jamie Redman
Title: Crypto Market's Mixed Fortunes — BONK, TAO, and KAS Rise as Several Other Cryptos Stagnate
Sourced From: news.bitcoin.com/crypto-markets-mixed-fortunes-bonk-tao-and-kas-rise-as-several-other-cryptos-stagnate/
Published Date: Mon, 20 Nov 2023 16:00:27 +0000
