Solana's Impressive Rise
Solana (SOL), the native digital currency of the Solana blockchain network, has experienced a significant surge in value this week. Over the past seven days, SOL's value has escalated by over 45% when measured against the U.S. dollar. This increase becomes even more pronounced when looking at the past month, with SOL showing a 167% rise.
Trading Range and Volume
On Wednesday, November 15, 2023, SOL demonstrated a dynamic trading range, fluctuating between $52.92 and $63.32 per unit. This marks a notable 19% increase from the opening price. Despite this impressive growth, SOL remains over 75% below its November 2021 peak, where values reached $259 per coin.
During the last 24 hours, SOL recorded a significant $3.31 billion in 24-hour global trade volume, ranking it as the sixth-largest for the day. In terms of market capitalization among over 10,000 cryptocurrency assets, SOL also holds the sixth position.
On Wednesday, the dominant trading pair for Solana is USDT, comprising 59% of all SOL trades. Tether is followed by USD (16.64%), KRW (12.3%), BTC (4.26%), and BUSD (2.18%) as SOL's top trading pairs on November 15.
Presently, a modest 'Kimchi premium' is observed for SOL in South Korea, with prices at $64.34 per unit on Bithumb and $63.61 on Upbit, while the global average stands at $61.80 per SOL as of 12:26 p.m. (EST).
At the same time, on Wednesday afternoon, SOL is the top trading pair on Upbit, accounting for 7.65% of the exchange's total trading volume.
Solana's rise this week, coupled with the 19% jump on Wednesday, showcases its potential as an investment in the cryptocurrency market. As Bitcoin and Ethereum remain stable, investors are looking to alternative cryptocurrencies like SOL for potential growth. Share your thoughts and opinions about Solana's recent surge in the comments section below.
Frequently Asked Questions
How much gold should your portfolio contain?
The amount of capital required will affect the amount you make. A small investment of $5k-10k would be a great option if you are looking to start small. As you grow, it is possible to rent desks or office space. So you don't have all the hassle of paying rent. Rent is only paid per month.
You also need to consider what type of business you will run. In my case, we charge clients between $1000-2000/month, depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.
Freelance work is not likely to pay a monthly salary. The project pays freelancers. You may get paid just once every 6 months.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k-$2k in gold and working my way up.
What should I pay into my Roth IRA
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. The account cannot be withdrawn from until you are 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, you cannot touch your principal (the original amount deposited). You cannot withdraw more than the original amount you contributed. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. So, when you withdraw, you'll pay taxes on those earnings. Let's assume that you contribute $5,000 each year to your Roth IRA. Let's further assume you earn $10,000 annually after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. You would have $6,500 less. Because you can only withdraw what you have initially contributed, this is all you can take out.
The $4,000 you take out of your earnings would be subject to taxes. You'd still owe $1,500 in taxes. On top of that, you'd lose half of the earnings you had taken out because they would be taxed again at 50% (half of 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,
There are two types if Roth IRAs: Roth and Traditional. A traditional IRA allows for you to deduct pretax contributions of your taxable income. When you retire, you can use your traditional IRA to withdraw your contribution balance plus interest. There is no limit on how much you can withdraw from a traditional IRA.
Roth IRAs won't let you deduct your contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. There is no minimum withdrawal limit, unlike traditional IRAs. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
Is buying gold a good way to save money for retirement?
Although gold investment may not seem appealing at first glance due to the high average global gold consumption, it's worth considering.
The best form of investing is physical bullion, which is the most widely used. You can also invest in gold in other ways. It is best to research all options and make informed decisions based on your goals.
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.
ETFs are an exchange-traded investment that allows you to gain exposure to the market for gold. You hold gold-related securities and not actual gold. These ETFs can include stocks of precious metals refiners and gold miners.
What precious metals do you have that you can invest in for your retirement?
Gold and silver are the best precious metal investments. They are both simple to purchase and sell, and they have been around for a long time. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: This is the oldest form of currency that man has ever known. It's also very safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has been a favorite among investors for years. This is a great choice for people who want to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It is very durable and resistant against corrosion, much like silver and gold. It's however much more costly than any of its counterparts.
Rhodium: Rhodium is used in catalytic converters. It is also used in jewelry-making. It is also quite affordable compared with other types of precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It's also much more affordable. It's a popular choice for investors who want to add precious metals into their portfolios.
Should You Invest Gold in Retirement?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. You can invest in both options if you aren't sure which option is best for you.
Not only is it a safe investment but gold can also provide potential returns. This makes it a worthwhile choice for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. Because of this, gold's value can fluctuate over time.
This doesn't mean that you should not invest in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another benefit of gold is that it's a tangible asset. Gold is more convenient than bonds or stocks because it can be stored easily. It can also be carried.
You can always access gold as long your place it safe. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold tends to rise when the stock markets fall.
You can also sell gold anytime you like by investing in it. Like stocks, you can sell your position anytime 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. Do not put all your eggs in one basket.
Don't purchase too much at once. Start with a few ounces. Continue adding more as necessary.
It's not about getting rich fast. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Is it possible to hold a gold ETF within a Roth IRA
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
Traditional IRAs allow for contributions from both employees and employers. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs do not have to be taxable
How much tax is gold subject to in an IRA
The fair value of gold sold to determines the price at which tax is due. When you purchase gold, you don't have to pay any taxes. It is not considered income. If you sell it later you will have a taxable profit if the price goes down.
Loans can be secured with gold. When you borrow against your assets, lenders try to find the highest return possible. Selling gold is usually the best option. It's not guaranteed that the lender will do it. They may hold on to it. They might decide to sell it. You lose potential profits in either case.
To avoid losing money, only lend against gold if you intend to use it for collateral. If you don't plan to use it as collateral, it is better to let it be.
- 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)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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)
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Lawful – WSJ
The best place online to buy silver and gold
You must first understand the workings of gold before you can purchase it. Gold is a precious metallic similar to Platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coin are not intended for investment. However, their value will increase with inflation.
They can't be exchanged in currency exchange systems. A person can buy 100 grams of gold for $100. The buyer receives 1 gram of gold for every dollar spent.
You should also know where to buy your gold. There are many options for buying gold directly from dealers. First, you can visit your local coin store. You might also consider going through a reputable online seller like eBay. You might also consider buying gold from an online private seller.
Individuals who sell gold at wholesale and retail prices are called private sellers. You pay a commission fee between 10% and 15% for each transaction when you sell gold through private sellers. A private seller will usually return less money than a coin shop and eBay. This option is often a great one for investors in gold, as it gives you greater control over the item's value.
Another way to buy gold is by investing in physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. Physical gold must be kept safe in an impassible container, such as a vault.
When buying gold on your own, you can visit a bank or a pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. Customers can borrow money from pawnshops to purchase items. Banks charge higher interest rates than those offered by pawn shops.
Another way to purchase gold is to ask another person to do it. Selling gold can also be done easily. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
By: Jamie Redman
Title: Solana (SOL) Surges 19% as Bitcoin and Ethereum Remain Stable
Sourced From: news.bitcoin.com/solana-soars-19-amid-market-consolidation-commands-notable-kimchi-premium-in-south-korea/
Published Date: Wed, 15 Nov 2023 18:30:41 +0000