Tether's Market Cap Reaches New Heights
Tether, the leading stablecoin in terms of market capitalization, has reached a lifetime high valuation of $86.51 billion. This surge comes after a 3.6% increase in supply over the past month. Currently, the Tron network holds approximately 45.82 billion USDT, while the Ethereum blockchain is home to 40.02 billion tethers. The remaining tethers are circulating on various other blockchain platforms.
Supply of Tether Witnesses a 3.6% Surge in 30 Days
The market capitalization of tether (USDT) has been on an upward trajectory, reaching an all-time high. In just 67 days, from September 3 to November 9, 2023, the digital asset's market value increased by 4.36%. A significant portion of this growth, 3.6%, occurred in the last month.
During this 30-day period, the supply of tethers expanded by 3.61 billion. The current market capitalization of $86.51 billion is $3.23 billion higher than the stablecoin's previous peak in April 2022.
Tether Dominates Global Trade Volume
In the last 24 hours, as various cryptocurrencies experienced an upswing, the global trade volume reached $139.21 billion. Tether (USDT) trades accounted for over 37% of this volume, amounting to $51.57 billion. The most popular USDT trading pairs involved USDC, BTC, and ETH, with Binance emerging as the leading exchange for USDT activity.
Tron Surpasses Ethereum in Several Metrics
The majority of Tether's supply is on the Tron network, with 45.82 billion USDT. This accounts for 52.96% of all circulating tethers. In comparison, Ethereum hosts 40.02 billion USDT. However, Tron's version of the stablecoin has surpassed its Ethereum counterpart in several aspects.
While the ERC20 tether is held in 4,647,426 unique wallets, the Tron version is held in 32,859,339 wallets. Additionally, Tron-based USDT has accumulated 1.38 billion transactions to date, while the ERC20 tether has been transferred 206 million times despite being in existence for a longer period.
Tether's Dominance on Tron and Ethereum Networks
Although USDT is also available on other blockchains like Solana and Avalanche, the majority of its activity is concentrated on the Tron and Ethereum networks. Tether initially operated on the Omni network but has since shifted its focus to the Ethereum chain, resulting in a significant increase in activity on that network. Tether has also issued a considerable amount of USDT on the Tron network, leveraging its lower fees and attracting a large number of users to transact and hold their USDT assets.
What are your thoughts on tether's market cap reaching a new all-time high in 2023? Share your opinions in the comments section below.
Frequently Asked Questions
Is it a good idea to open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. There are no ways to recover the money you lost in an investment. This includes any loss of investments from theft, fire, flood or other circumstances.
This type of loss can be avoided by investing in physical silver and gold coins. These items have been around thousands of years and are irreplaceable. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
When you open an account, keep in mind that you won't receive any returns until your retirement. Remember the future.
Should You Purchase Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
Experts think this could change quickly. According to them, gold prices could soar if there is another financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some important things to remember if your goal is to invest in gold.
- Consider whether you will actually need the money that you are saving for retirement. It is possible to save for retirement while still investing your gold savings. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, be sure to understand your obligations before you purchase gold. Each offer varying degrees of security and flexibility.
- Remember that gold is not as safe as a bank account. You may lose your gold coins and never be able to recover them.
Don't buy gold unless you have done your research. If you already have gold, make sure you protect it.
Are gold investments a good idea for an IRA?
Gold is an excellent investment for any person who wants to save money. You can diversify your portfolio with gold. There is much more to gold than meets your eye.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It's often referred to as “the world's oldest currency.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. It is very valuable, as it is rare and hard to create.
Gold prices fluctuate based on demand and supply. The economy that is strong tends to be more affluent, which means there are less gold miners. The result is that gold's value increases.
On the flipside, people may save cash rather than spend it when the economy slows. This causes more gold to be produced, which lowers its value.
This is why both individuals as well as businesses can benefit from investing in gold. If you invest in gold, you'll benefit whenever the economy grows.
Your investments will also generate interest, which can help you increase your wealth. In addition, you won’t lose any money if gold falls in value.
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. If you're unsure about which option to choose then consider investing in both.
You can earn potential returns on your investment of gold. It is a good choice for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. Therefore, its value is subject to change over time.
This does not mean you shouldn’t invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another advantage of gold is its tangible nature. Gold can be stored more easily than stocks and bonds. It can be easily transported.
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.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold tends to rise when the stock markets fall.
Investing in gold has another advantage: you can sell it anytime you want. You can easily liquidate your investment, just as with stocks. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
Do not buy too much at one time. Start with just a few drops. Continue adding more as necessary.
It's not about getting rich fast. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
What precious metals can you invest in for retirement?
Gold and silver are the best precious metal investments. They're both easy to buy and sell and have been around forever. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: Gold is one the oldest forms currency known to man. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. It is an excellent choice for investors who wish to avoid volatility. Silver, unlike gold, tends not to go down but up.
Platinium is another precious metal that is becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. It's also more expensive than the other two.
Rhodium. Rhodium is used as a catalyst. It is also used to make jewelry. It is also quite affordable compared with other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It is also cheaper. It's a popular choice for investors who want to add precious metals into their portfolios.
Who is entitled to the gold in a IRA that holds gold?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
To find out what options you have, consult an accountant or financial planner.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Do you want to keep your IRA gold at home? It's not exactly legal – WSJ
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example and Risk Metrics
How To
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. It is best to start saving for retirement as soon you can (typically at age 50). To ensure sufficient growth, it is vital that you contribute enough each year.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. These savings vehicles are great for those who don't have access or can't get employer matching funds.
Save regularly and continue to save over time. You will lose any potential tax advantages if you don't contribute enough.
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By: Jamie Redman
Title: Tether Achieves Record Valuation of $86.51B; Tron Version Overtakes ETH in Key Metrics
Sourced From: news.bitcoin.com/tether-achieves-lifetime-high-with-86-51b-valuation-tron-version-surpasses-eth-in-several-metrics/
Published Date: Fri, 10 Nov 2023 18:30:06 +0000
