Introduction
The market capitalization of the artificial intelligence (AI) cryptocurrency sector has experienced a remarkable increase of $1.07 billion within a span of only 12 days. This surge is primarily attributed to the impressive performance of bittensor (TAO), which witnessed a notable rise of 31.6% against the U.S. dollar in the past week.
Over a Billion Returns to the AI-Centric Crypto Economy
The collective market value of 81 distinct AI-focused cryptocurrency assets is currently on an upward trajectory. This growth follows a slump that the sector faced on January 22, 2024, where the AI-crypto market's value had dwindled to $6.08 billion, shedding nearly a billion dollars since the beginning of the month.
However, current figures present a stark contrast, with the AI-driven crypto niche now boasting a valuation of $7.15 billion, marking an increase of approximately 17.59% in just 12 days. At present, bittensor (TAO) holds the highest market capitalization among AI-focused digital currencies, reaching approximately $2.73 billion.
The Revolutionary Potential of Bittensor (TAO)
Bittensor (TAO) is a decentralized machine learning protocol that aims to revolutionize the creation of machine learning infrastructures. In the past week, TAO has experienced a significant rise of 31.6%, and from the beginning of the year to date, the crypto asset has appreciated by 61.7% when compared to the U.S. dollar.
Performance of Other AI-Centric Tokens
The graph (GRT), the second-largest AI-dedicated token, has witnessed a slight decline of 1.66% over the course of the week, while fetch (FET), the third-largest, has seen a decrease of 8.88%. GRT operates as an open-source indexing protocol coin, while FET serves as a token for the decentralized machine learning platform known as the Fetch.ai Network.
Singularitynet (AGIX), a coin designed for the decentralized AI marketplace, has registered a 2.01% increase this week. Conversely, ocean protocol (OCEAN), the governance token for the decentralized data exchange platform, experienced a 2.24% decrease over the last seven days. Apart from TAO, other AI-focused cryptocurrencies that stood out with significant gains this week include iexec rlc (RLC), which spiked by 11.22%, and numeraire (NMR), which ascended by 28.65%.
The Convergence of AI and Cryptocurrency
The surge in interest for AI cryptocurrency assets stems from the convergence of artificial intelligence (AI) with the cryptocurrency and blockchain arena, giving birth to this distinctive class of digital assets. These tokens play a crucial role in supporting AI-centric projects, applications, and services within a blockchain environment. They aid in transaction facilitation, protocol governance, and the promotion of innovation within the ecosystem.
The Future of AI Cryptocurrency
The escalating market fascination with AI crypto assets is underlined by significant investment predictions, indicating that spending on AI could reach trillions in the coming decade. Archived data demonstrates that since February 28, 2023, the AI crypto sector has grown by $3.09 billion in value.
Conclusion
The AI crypto sector's remarkable growth of $1 billion within the last 12 days showcases the increasing interest and potential of AI-focused digital assets. With bittensor (TAO) leading the way, these tokens are playing a pivotal role in revolutionizing the intersection of AI and cryptocurrency. The future of the AI crypto market looks promising, with significant investment opportunities and the potential for trillions in spending on AI technologies.
What are your thoughts on the AI crypto sector's $1 billion growth in the last 12 days? Share your opinions in the comments below.
Frequently Asked Questions
Should You Buy Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
This could be changing, according to some experts. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also point out that gold is becoming popular because of its perceived value and potential return.
These are some things you should consider when considering gold investing.
- Consider whether you will actually need the money that you are saving for retirement. You can save money for retirement even if you don't invest in gold. However, when you retire at age 65, gold can provide additional protection.
- Second, be sure to understand your obligations before you purchase gold. Each offer varying degrees of security and flexibility.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. If you lose your gold coins, you may never recover them.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
How to open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. You must complete Form 8606 to open an account. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. You must complete this form within 60 days of opening your account. Once you have completed this form, it is possible to begin investing. You may also choose to contribute directly from your paycheck using payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process will look identical to an existing IRA.
To qualify for a precious Metals IRA, there are specific requirements. The IRS requires that you are at least 18 years old and have earned an income. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. And, you have to make contributions regularly. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. But, you'll only be able to purchase physical bullion. This means you won’t be able to trade stocks and bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option can be provided by some IRA companies.
However, there are two significant drawbacks to investing in precious metals via an IRA. First, they are not as liquid or as easy to sell as stocks and bonds. This makes them harder to sell when needed. They also don't pay dividends, like stocks and bonds. Also, they don't generate dividends like stocks and bonds. You will eventually lose money rather than make it.
How Does Gold Perform as an Investment?
Supply and demand determine the gold price. Interest rates can also affect the gold price.
Due to their limited supply, gold prices fluctuate. Physical gold is not always in stock.
Should You Invest in Gold for Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. You can invest in both options if you aren't sure which option is best for you.
Gold is a safe investment and can also offer potential returns. Retirees will find it an attractive investment.
Most investments have fixed returns, but gold's volatility is what makes it unique. This causes its value to fluctuate over time.
But this doesn't 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? It's a tangible asset. Gold is much easier to store than bonds and stocks. It's also portable.
You can always access your gold as long as it is kept safe. Additionally, physical gold does not require 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.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold rises in the face of a falling stock market.
Investing in gold has another advantage: you can sell it anytime you want. Like stocks, you can sell your position anytime you need cash. It doesn't matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
You shouldn't buy too little at once. Start with a few ounces. Then add more as needed.
Keep in mind that the goal is not to quickly become wealthy. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
How much should your IRA include precious metals
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. It doesn't matter how rich you are to invest in precious metals. There are many ways to make money on silver and gold investments without spending too much.
You may consider buying physical coins such as bullion bars or rounds. You could also buy shares in companies that produce precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
You can still get benefits from precious metals regardless of what choice you make. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
And, unlike traditional investments, their prices tend to rise over time. You'll probably make more money if your investment is sold down the line than traditional investments.
How much is gold taxed under a Roth IRA
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
The rules governing these accounts vary by state. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. In Massachusetts, you can wait until April 1st. New York allows you to wait until age 70 1/2. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
Statistics
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.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 take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
bbb.org
finance.yahoo.com
cftc.gov
How To
Tips for Investing with Gold
Investing in Gold has become a very popular investment strategy. This is because there are many benefits if you choose to invest in gold. There are many options for investing in gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
Before you buy any type of gold, there are some things that you should think about.
- First, make sure you check if your country allows you own gold. If your country allows you to own gold, then you are allowed to proceed. You can also look at buying gold abroad.
- The second thing you need to do is decide what type of gold coins you want. You have the option of choosing yellow, white, or rose gold.
- Thirdly, it is important to take into account the gold price. It is best to start small and work your way up. You should diversify your portfolio when buying gold. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- Lastly, you should never forget that gold prices change frequently. Be aware of the current trends.
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By: Jamie Redman
Title: AI Crypto Market Cap Surges by $1.07 Billion in Just 12 Days, Led by Bittensor's Rise
Sourced From: news.bitcoin.com/ai-crypto-market-cap-leaps-1-07-billion-in-12-days-led-by-bittensors-rise/
Published Date: Sat, 03 Feb 2024 21:00:33 +0000
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