Solana's Market Triumph
On Saturday, Solana's token, SOL, reached a significant milestone by surpassing the $100 mark against the U.S. dollar. This achievement comes after a week of remarkable growth, with SOL's value increasing by over 36%. Investor sentiment towards SOL has remained overwhelmingly positive throughout the year, and the recent conviction of ex-FTX chief Sam Bankman-Fried on multiple charges has further intensified interest in the token.
In the past year, SOL has seen an astonishing surge of 764% against the U.S. dollar, breaking the $100 milestone on December 23, 2023. This price point for SOL has not been reached since April 2022, and the token has now become the fourth largest by market capitalization, surpassing BNB. Currently valued at $102 per coin, SOL's market capitalization stands at approximately $43.58 billion. On Saturday, SOL's daily trading range fluctuated between $93 and $104.
Impressive Growth in the Past Month
Over the past month, SOL has experienced a significant increase of over 80%, with a notable 38% rise in the last two weeks alone. In the past 24 hours, SOL has seen a 6.6% increase, contributing to its overall weekly growth of over 36% against the U.S. dollar. With a global trade volume of $3.26 billion in the past 24 hours, Solana currently holds the fifth-largest trade volume in the market. Tether (USDT) remains the top trading pair for SOL, followed closely by USD, KRW, BTC, EUR, and the stablecoin FDUSD.
In South Korea, SOL has gained significant traction, accounting for 6.69% of its 24-hour global trading volume. The token experiences a 'Kimchi premium' in the country, with prices on Upbit and Bithumb trading over 4% higher than the global average. Despite the offloading of SOL tokens by FTX's bankruptcy estate, the enthusiasm for SOL remains strong. It is worth noting that a portion of Solana tokens from FTX's bankruptcy is vested or locked for an extended duration.
Expanding Solana Ecosystem
Solana's ecosystem is witnessing notable expansion, with the total value locked (TVL) in the network starting to recover after a decline. This recovery indicates a renewed interest and confidence in the platform. Sales of Solana-based non-fungible tokens (NFTs) have also surged significantly, recently surpassing Ethereum and ranking second only to Bitcoin-centric NFT sales in the past week.
Despite the overall support, solana (SOL) does have its critics. One such critic, known as "Defi Made Here" (DMH), has expressed concerns about SOL, citing its connection to Sam/Alameda/FTX and unreliable bridges, among other issues. However, despite the skepticism, market-driven data suggests a bullish trend for SOL in the future. While SOL has crossed the $100 mark, it is important to note that it is still 60% down from its all-time high of $259 recorded on November 6, 2021.
What are your thoughts on SOL surpassing $100 per coin on Saturday? Share your opinions in the comments section below.
Frequently Asked Questions
How much are gold IRA fees?
$6 per month is the Individual Retirement Account Fee (IRA). This includes account maintenance and any investment costs.
You may have to pay additional fees if you want to diversify your portfolio. These fees will vary depending upon the type of IRA chosen. Some companies offer free check accounts, but charge monthly fee for IRA accounts.
Most providers also charge annual management costs. These fees range between 0% and 1 percent. The average rate is.25% each year. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
Is it a good idea to open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. There are no ways to recover the money you lost in an investment. This includes losing all your investments due to theft, fire, flood, etc.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items can be lost because they have real value and have been around for thousands years. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
Consider a reputable business that offers low rates and good products when opening an IRA. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
If you decide to open an account, remember that you won't see any returns until after you retire. Keep your eyes open for the future.
How does a Gold IRA account work?
For people who are looking to invest in precious materials, Gold Ira account accounts provide tax-free investments.
Physical gold bullion coin can be purchased at any time. You don't have to wait until retirement to start investing in gold.
You can keep gold in an IRA forever. You won't have to pay taxes on your gold investments when you die.
Your heirs will inherit your gold, and not pay capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
You'll first have to set up an individual retirement account (IRA) to open a gold IRA. After you have done this, an IRA custodian will be assigned to you. This company acts as a middleman between you and the IRS.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reporting.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. The minimum deposit is $1,000. You'll get a higher rate of interest if you deposit more.
Taxes will be charged on gold you have withdrawn from an IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
A small percentage may mean that you don't have to pay taxes. There are some exceptions, though. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
It's best not to take out more 50% of your total IRA investments each year. A violation of this rule can lead to severe financial consequences.
Should You Invest in Gold for Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that 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. This makes it a worthwhile choice for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. Therefore, its value is subject to change over time.
This does not mean you shouldn’t invest in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another benefit to gold is its tangible value. Gold is less difficult to store than stocks or bonds. It's also portable.
You can always access your gold as long as it is kept safe. You don't have to pay storage fees for physical gold.
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.
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.
Another benefit to investing in gold? You can always sell 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. You shouldn't try to put all of your eggs into one basket.
Don't buy too many at once. Begin by buying a few grams. Then add more as needed.
Remember, the goal here isn't to get rich quickly. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
What precious metal should I invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. For example, if your goal is to make quick money, gold may not suit you. If patience and time are your priorities, silver is the best investment.
If you're not looking to make quick money, gold is probably your best choice. Silver may be a better option for investors who want long-term steady returns.
How much gold should your portfolio contain?
The amount of capital that you require will determine how much money you can make. If you want to start small, then $5k-$10k would be great. As you grow, you can move into an office and rent out desks. This will allow you to pay rent monthly, and not worry about it all at once. Rent is only paid per month.
You also need to consider what type of business you will run. My company is a website creator. We charge our clients about $1000-2000 per monthly depending on what they order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
Freelance work is not likely to pay a monthly salary. The project pays freelancers. You may get paid just once every 6 months.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k to $2k of gold, and then growing from there.
How much is gold taxed under a Roth IRA
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
If you place the money in a traditional IRA, 401(k), or other retirement plan, there is no tax when you take it out. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
These rules vary from one state to another. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. In Massachusetts, you can wait until April 1st. New York is open until 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
Statistics
- 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)
- 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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads. Example. And Risk Metrics
bbb.org
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
How To
Three Ways to Invest In Gold For Retirement
It is important to understand the role of gold in your retirement plan. You can invest in gold through your 401(k), if you have one at work. You may also want to consider investing in gold outside of your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, put cash into your accounts. This will help protect you against inflation and keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. The reason for this is that physical gold coins are much more easily sold than certificates. Physical gold coins don't require storage fees.
- Diversify your Portfolio. This means that you should diversify your wealth by investing in different assets. This will reduce your risk and give you more flexibility in times of market volatility.
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By: Jamie Redman
Title: Solana's SOL Token Surpasses $100 Mark, Showing Impressive Growth
Sourced From: news.bitcoin.com/solana-tops-100-after-monumental-764-growth-this-year/
Published Date: Sun, 24 Dec 2023 00:30:05 +0000
