Memecoin and Celestia Lead the Gainers
On Monday, the cryptocurrency market witnessed several virtual currencies making significant moves. Memecoin (MEME) emerged as the top performer, surging by an impressive 44.28% against the U.S. dollar. Following closely behind was Celestia (TIA), which experienced a notable gain of 29.25% within the same trading period. Other notable gainers include zrx (0X) and worldcoin (WLD), rising by 19.36% and 18.81%, respectively.
Filecoin and Osmosis Among Notable Gainers
The global trading volume for the day reached $64.04 billion, spread across 929 trading platforms and a vast ecosystem of over 10,000 virtual currencies. Among the cryptocurrencies making headlines for their gains on Monday were filecoin (FIL), which escalated by 14.96%, and osmosis (OSMO), appreciating by 12.5% within a 24-hour period. KUJI, YFI, FLOKI, and SNT also saw significant rises.
Ark and Rollbit Experience Losses
While the day saw several cryptocurrencies enjoying gains, ark (ARK) faced a significant setback, declining by 17.5% against the U.S. dollar in a 24-hour period. Similarly, rollbit (RLB) experienced a decline of 12.03%. Both ARK and RLB emerged as the biggest losers of the day.
Other Cryptocurrencies in the Red
Joining the losing side, Crypto.com's cronos (CRO) dipped by 10.66% and telcoin (TEL) receded by 8.94% against the U.S. dollar. Astar (ASTR) declined by 7.23%, while vulcan forged (PYR) fell by 7.02%. In total, 32 coins experienced a downward trend, with each dipping by 1.5% or more within the past 24 hours.
Stablecoin Tether Dominates Trading Volume
On Monday, the stablecoin tether (USDT) witnessed the highest trading volume, accounting for $33.2 billion of the day's total trade volume of $64.04 billion. Bitcoin (BTC), ethereum (ETH), usd coin (USDC), and solana (SOL) followed suit. BTC represented $13.98 billion in trading volume. Currently, bitcoin holds a 49.4% share of the cryptocurrency market's $1.4 trillion value, with ethereum commanding 16.9%.
Share Your Thoughts
What are your thoughts on the gainers and losers in the cryptocurrency market on Monday? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
How is gold taxed within an IRA?
The tax on the sale of gold is based on its fair market value when sold. When you purchase gold, you don't have to pay any taxes. It is not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
For loans, gold can be used to collateral. When you borrow against your assets, lenders try to find the highest return possible. This often means selling gold. However, there is no guarantee that the lender would do this. They might just hold onto it. Or they might decide to resell it themselves. In either case, you risk losing potential profits.
If you plan on using your gold as collateral, then you shouldn't lend against it. It is better to leave it alone.
Should You Open a Precious Metal IRA?
Precious metals are not insured. This is the most important fact to know before you open an IRA account. You cannot recover any money you have invested. This includes any loss of investments from theft, fire, flood or other circumstances.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items have been around for thousands of years and represent real value that cannot be lost. They are likely to fetch more today than the price you paid for them in their original form.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
You won't get any returns until you retire if you open an account. So, don't forget about the future!
Should You Invest in gold for Retirement?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. Consider investing in both.
In addition to being a safe investment, gold also offers potential returns. Retirement investors will find gold a worthy investment.
Although most investments promise a fixed rate of return, gold is more volatile than others. Its value fluctuates over time.
This doesn't mean that you should not invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Unlike stocks and bonds, gold is easier to store. It can also be transported.
You can always access your gold as long as it is kept safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold tends to rise when the stock markets fall.
Investing in gold has another advantage: you can sell it anytime you want. Just like stocks, you can liquidate your position whenever you need cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Do not buy too much at one time. Start by purchasing a few ounces. Add more as you're able.
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.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- 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)
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
How to keep physical gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
The alternative is to buy physical gold. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It is easier to view how much gold has been stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. You also have a lower chance of theft than stocks.
There are however some disadvantages. You won't get the bank's interest rates or investment money. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. The taxman might also ask you questions about where your gold is located.
BullionVault.com offers more information on buying gold for an IRA.
By: Jamie Redman
Title: Memecoin Surges 44.28% as Ark Declines 17.5% in Mixed Day for Cryptocurrencies
Sourced From: news.bitcoin.com/cryptos-24-hour-score-gainers-like-memecoin-triumph-with-double-digits-ark-amongst-top-losers/
Published Date: Mon, 13 Nov 2023 15:30:42 +0000