Introduction
The Altcoin Season Index from blockchaincenter.net has revealed that altcoin season has arrived. This index shows that in the past 90 days, 75% of the top 50 altcoins have outperformed bitcoin.
Altcoins Ascend as Index Points to Season's Entry
In early December 2023, cryptocurrency enthusiasts were eagerly waiting for the start of altcoin season. Bitcoin.com News reported on blockchaincenter.net's Altcoin Season Index, which had a rating of 47 out of 100 at that time.
Based on the index, it was not yet altcoin season as of December 9, 2023. However, the current situation is completely different.
A snapshot from blockchaincenter.net's index on January 14, 2024, clearly states that it is now altcoin season. The index is at 76 out of 100, with any score above 75 indicating an altcoin season.
This level was last observed from the end of August 2022 to the end of September of the same year. According to the index's methodology, when 75% of the top 50 crypto tokens outperform bitcoin over a 90-day period, it is officially considered altcoin season.
Altcoin season also occurred from the end of March 2021 to mid-June 2021. During this season, assets such as ORDI, SEI, INJ, SOL, ICP, AVAX, IMX, NEAR, and many others outperformed BTC.
ORDI gained 2,067% and SEI gained 558.5%, surpassing BTC by a significant margin. In addition to the altcoin season index, the market dominance of ETH has also increased recently. ETH currently holds an 18% dominance rating on coinmarketcap.com, while BTC is at 49.8%.
On coingecko.com, ETH has a dominance rating of 17.2% and BTC is at 47.5%. The altcoin season's flash signal has become a trending topic on social media, as this is the first time in a while that the index has indicated such a trend.
Conclusion
With the Altcoin Season Index reaching 76 out of 100, it is clear that altcoin season is here. The burning questions now are how long this season will last and whether bitcoin's performance will be affected by the volatility in the altcoin market. Share your thoughts and opinions on this subject in the comments section below.
Frequently Asked Questions
What is the best precious-metal to invest?
This depends on what risk you are willing take and what kind of return you desire. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. You might not want to invest in gold if you're looking for quick returns. You should invest in silver if you have the patience and time.
If you don’t want to be rich fast, gold might be the right choice. If you want to invest in long-term, steady returns, silver is a better choice.
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. It is also affected negatively by interest rates.
Gold prices are volatile due to their limited supply. There is also a risk in owning gold, as you must store it somewhere.
What is a Precious Metal IRA and How Can You Benefit From It?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These precious metals are extremely rare and valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals are sometimes called “bullion.” Bullion is the physical metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This ensures that you will receive dividends each and every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, you pay only a small percentage tax on your gains. You also have unlimited access to your funds whenever and wherever you wish.
What should I pay into my Roth IRA
Roth IRAs are retirement accounts where you deposit your own money tax-free. You can't withdraw money from these accounts before you reach the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, you cannot touch your principal (the original amount deposited). This means that you can't take out more money than you originally contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule says that you cannot withdraw your earnings without paying income tax. When you withdraw, you will have to pay income tax. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. Let's also assume that you make $10,000 per year from your Roth IRA contributions. On the earnings, you would be responsible for $3,500 federal income taxes. That leaves you with only $6,500 left. The amount you can withdraw is limited to the original contribution.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
Two types of Roth IRAs are available: Roth and traditional. Traditional IRAs allow you to deduct pretax contributions from 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 don't allow you deduct contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal requirement, unlike traditional IRAs. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
What Precious Metals Can You Invest in for Retirement?
Silver and gold are two of the most valuable precious metals. They are both simple to purchase and sell, and they have been around for a long time. They are a great way to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It's also very safe and stable. It's a great way to protect wealth in times of uncertainty.
Silver: Investors have always loved silver. It's a great option for those who want stability. Silver, unlike gold, tends not to go down but up.
Platinium: Another form of precious metal is platinum, which is becoming more popular. Like gold and silver, it's very durable and resistant to corrosion. However, it's much more expensive than either of its counterparts.
Rhodium – Rhodium is used to make catalytic conversions. It's also used in jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It is also cheaper. It's a popular choice for investors who want to add precious metals into their portfolios.
How can I withdraw from a Precious metal IRA?
First decide if your IRA account allows you to withdraw funds. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, you'll need to figure out how much money you will take out of your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
Once the calculations have been completed, it's time to open a brokerage accounts. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. Some storage facilities will accept bullion bars, others require you to buy individual coins. Before choosing one, consider the pros and disadvantages of each.
For example, storing bullion bars requires less space because you aren't dealing with individual coins. However, you'll need to count every coin individually. However, you can easily track the value of individual coins by storing them in separate containers.
Some prefer to store their coins in a vault. Others prefer to store their coins in a vault. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
Should You Buy Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
Some experts believe that this could change very soon. According to them, gold prices could soar if there is another financial crisis.
They also point out that gold is becoming popular because of its perceived value and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- First, consider whether or not you need the money you're saving for retirement. It's possible to save for retirement without putting your savings into gold. Gold does offer an extra layer of protection for those who reach retirement age.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each offers varying levels of flexibility and security.
- Don't forget that gold does not offer the same safety level as a bank accounts. You may lose your gold coins and never be able to recover them.
You should do your research before buying gold. You should also ensure that you do everything you can to protect your gold.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- 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)
External Links
bbb.org
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads, Example and Risk Metrics
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Lawful – WSJ
How To
Investing In Gold vs. Investing In Stocks
These days, it might seem quite risky to invest your money in gold. This is because many people believe gold is no longer financially profitable. This belief comes from the fact most people see gold prices falling due to the global economy. They feel that gold investment would cause them to lose money. In reality, though, gold investment can offer significant benefits. Below are some of them.
Gold is the oldest known form of currency. Its use can be traced back to thousands of years ago. It was used by many people around the globe as a currency store. It's still used by countries like South Africa as a method of payment.
The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. It is important to determine the price per gram you are willing and able to pay for gold bullion. If you don’t know what the current market price is, you can always call a local jewelry store and ask them their opinion.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. Although gold's price has fallen, its production costs have not.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. This is not a wise decision if you're looking to invest in long-term assets. If you sell your gold for more than you paid, you can make a profit.
We hope that this article has helped you gain a better understanding and appreciation for gold as an investment option. We recommend that you investigate all options before making any major decisions. Only after you have done this can you make an informed choice.
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By: Jamie Redman
Title: Altcoin Season Index Indicates Arrival of Altcoin Season
Sourced From: news.bitcoin.com/altcoin-season-index-signals-arrival-top-tokens-eclipse-bitcoins-market-performance/
Published Date: Sun, 14 Jan 2024 22:30:44 +0000
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