Altcoins Rise as Bitcoin Declines
In the past week, the crypto market has seen some interesting developments. While the value of Bitcoin dropped by 5.7%, Ethereum experienced a significant uptick of 10.8% against the US dollar. However, it was the altcoins that stole the show, with SUI surging by an impressive 74% in just seven days. Another notable performer was the Ethereum Name Service (ENS), which witnessed a substantial ascent of 71% in the same timeframe.
Seven Days of Shifts: Altcoins on the Rise
While Bitcoin remained bearish, several alternative cryptocurrencies experienced strong gains. SUI emerged as the frontrunner, soaring by 74% over the seven-day period and an impressive 116% over the last month. In the past 24 hours, SUI climbed by 9.8%, making it one of the top performers in terms of daily gains. ENS also saw a surge of 71.9%, while METIS experienced a 50.5% increase over the week.
Other cryptocurrencies that made notable strides include HNT, which saw a 47.4% increase, BLUR with a rise of 38.8%, and TIA achieving a 38% growth over the past week. Apart from SUI, standout performers on Monday were METIS, FLR, BNB, and LINK. METIS experienced an 8.4% rise, FLR appreciated by 8.3%, BNB grew by 4.2%, and LINK's valuation against the US dollar soared by more than 15% in just 24 hours. However, there were also significant declines during the same period.
BONK dipped by 6.5%, optimism (OP) fell by 5.5%, and despite ENS's overall weekly gain, it dropped 5.2% on Monday. The largest downturn was seen with stacks (STX), plunging by 19.3%, and bittensor (TAO), which decreased by 10.2% over the week. Additional notable decliners included BTC, VET, INJ, and BGB, with over 24 coins declining between 1.5% to 6.5% against the greenback.
While Bitcoin's performance was sluggish compared to the robust growth of certain altcoins, these developments indicate a diversifying market. Newer entrants like SUI and ENS are gaining prominence, reflecting the evolving landscape of digital assets. The crypto market remains volatile, and the preferences of traders continue to shift.
What are your thoughts on this week's crypto trading and the rising values of altcoins? Share your opinions in the comments section below.
Frequently Asked Questions
How much gold do you need in your portfolio?
The amount of capital required will affect the amount you make. If you want to start small, then $5k-$10k would be great. You could then rent out desks and office space as your business grows. You don't need to worry about paying rent every month. You only pay one month.
It is also important to decide what kind of business you want to run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. So if you do this kind of thing, you need to consider how much income you expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. So you might only get paid once every 6 months or so.
You need to determine what kind or income you want before you decide how much of it you will need.
I suggest starting with $1k-2k gold and building from there.
How can you withdraw from an IRA of Precious Metals?
First decide if your IRA account allows you to withdraw funds. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
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. This option will require you to pay taxes on the amount that you withdraw.
Next, calculate how much money your IRA will allow you to withdraw. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. However, a debit card is better than a card. This will save you unnecessary fees.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars require less space, as they don't contain individual coins. You will need to count each coin individually. On the flip side, storing individual coins allows you to easily track their value.
Some people prefer to keep coins safe in a vault. Others prefer to store their coins in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
What is the best way to hold physical gold?
Gold is money and not just paper currency. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Another benefit to investing in gold? It has virtually zero counterparty exposure. Your stock portfolio can fall, but you will still own your shares. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, the liquidity that gold provides is unmatched. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows for you to benefit from the short-term fluctuations of the gold market.
Can I keep a Gold ETF in a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
An IRA traditional allows both employees and employers to contribute. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
An Individual Retirement Annuity (IRA) is also available. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions to IRAs will not be taxed
How to Open a Precious Metal IRA
First, decide if an Individual Retirement Account is right for you. To open the account, complete Form 8606. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form should be filled within 60 calendar days of opening the account. You can then start investing once you have this completed. You might also be able to contribute directly from the paycheck through payroll deduction.
For a Roth IRA you will need to complete Form 8903. The process for an ordinary IRA will not be affected.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS states that you must be at least 18 and have earned income. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Additionally, you must make regular contributions. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. However, you can't 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 is available from some IRA providers.
However, there are two significant drawbacks to investing in precious metals via an IRA. First, they're not as liquid as stocks or bonds. It's also more difficult to sell them when they are needed. Second, they are not able to generate dividends as stocks and bonds. Therefore, you will lose more money than you gain over time.
What are the pros and cons of a gold IRA?
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. An IRA is a great way to save money and not have to pay taxes on the interest you earn. There are some disadvantages to this investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. If you do withdraw funds, you'll need to pay a penalty.
The downside is that managing your IRA requires fees. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management costs ranging from $10-50.
You can purchase insurance if you want to keep your money out of a bank. Most insurers require you to own a minimum amount of gold before making a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. Some providers limit how many ounces you can keep. Some providers allow you to choose your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Gold futures contracts are more expensive than physical gold. Futures contracts offer flexibility for buying gold. Futures contracts allow you to create a contract with a specified expiration date.
Also, you will need to decide on the type of insurance coverage you would like. Standard policies don't cover theft protection, loss due to fire, flood or earthquake. It does provide coverage for damage from natural disasters, however. If you live in a high-risk area, you may want to add additional coverage.
Apart from insurance, you should consider the costs of storing your precious metals. Insurance won't cover storage costs. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians don't have the right to sell assets. Instead, they must keep your assets for as long you request.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. You should also specify how much you want to invest each month.
After filling in the forms, please send them to the provider. The company will review your application and send you a confirmation letter.
When opening a gold IRA, you should consider using a financial planner. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can help reduce your expenses by helping you find cheaper alternatives to buying insurance.
What should I pay into my Roth IRA
Roth IRAs are retirement accounts that allow you to withdraw your money tax-free. You cannot withdraw funds from these accounts until you reach 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, you cannot touch your principal (the original amount deposited). This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. You must pay taxes on the difference if you want to take out more than what you initially contributed.
The second rule is that you cannot withdraw your earnings without paying income taxes. So, when you withdraw, you'll pay taxes on those earnings. Let's take, for example, $5,000 in annual Roth IRA contributions. Let's say you earn $10,000 each year after contributing. This would mean that you would have to pay $3,500 in federal income tax. So you would only have $6,500 left. The amount you can withdraw is limited to the original contribution.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. 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%). So even though your Roth IRA ended up having $7,000, you only got $4,000.
Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows for you to deduct pretax contributions of your taxable income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. A traditional IRA can be withdrawn up to the maximum amount allowed.
Roth IRAs won't let you deduct your contributions. You can withdraw your entire contribution, plus accrued interests, after you retire. Unlike a traditional IRA, there is no minimum withdrawal requirement. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- (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)
External Links
finance.yahoo.com
forbes.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement funds
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
How To
Gold IRAs: A Growing Trend
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
Gold IRA owners can now invest in physical gold bullion or bars. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
Investors can manage their assets with a gold IRA without worrying about market volatility. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
This means that investors who are looking for financial safety and security are becoming more interested in the gold IRA.
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By: Jamie Redman
Title: Altcoins Thrive While Bitcoin Dips in a Dramatic Week of Crypto Trading
Sourced From: news.bitcoin.com/altcoins-thrive-while-bitcoin-dips-in-a-dramatic-week-of-crypto-trading/
Published Date: Mon, 15 Jan 2024 18:30:06 +0000
