Cryptocurrency Market Overview
In the past week, the cryptocurrency market has seen some interesting movements. While bitcoin and ethereum experienced modest gains, other digital assets recorded significant double-digit growth. Notably, the non-fungible token (NFT) marketplace Blur's token BLUR stood out with a remarkable surge of 72%.
Double-Digit Growth in 17 Cryptocurrencies
As of Sunday, November 26, 2023, the total market capitalization of the cryptocurrency sector reached $1.43 trillion. During this week, 17 different digital currencies achieved double-digit growth, with BLUR leading the pack with a 72% surge.
Following BLUR, apecoin (APE) saw an increase of 26.3%, and klaytn (KLAY) observed a similar ascent of 26%. Additionally, mina protocol (MINA) climbed by 24.1%, while illuvium (ILV) rose by 22.9% over the week, as reported by coingecko.com.
Alongside these gains, other cryptocurrencies such as uniswap (UNI), sui (SUI), and bittensor (TAO) also experienced notable increases, ranging from 16% to 19.2%. However, not all digital assets fared well during this period, as some witnessed declines.
Celestia (TIA) experienced a significant drop, losing 21% over the week, and rollbit coin (RLB) decreased in value by 8.1%. Additionally, MATIC fell by 8%, and kaspa (KAS) suffered a 6% decline.
XDC, BNB, SOL, CAKE, and SHIB were among the cryptocurrencies that didn't perform well in the past seven days. On the other hand, the four digital currencies with the highest trading volumes during this period were USDT, BTC, ETH, and USDC.
Bitcoin and Ethereum's Dominance
Within the $1.43 trillion crypto economy, bitcoin's market value represents 51.2% of the total, while ethereum accounts for 17.5% as of November 26. In terms of 24-hour performance, the leading gainers include SUPER, ETHW, ROSE, PRIME, and MAGIC, whereas the most notable losers are SNX, SEI, FTT, and PENDLE.
Compared to the previous week, the top-performing cryptocurrencies displayed less vigorous growth. The previous week witnessed several coins achieving triple-digit increases over a seven-day span.
Share Your Thoughts
What are your thoughts on the biggest gainers and losers in the world of crypto trading this week? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
What precious metals can you invest in for retirement?
These precious metals are among the most attractive investments. They are both easy to trade and have been around for years. These are great options to diversify your portfolio.
Gold: The oldest form of currency known to man is gold. It is also extremely safe and stable. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Silver has been a favorite among investors for years. It's a good choice for those who want to avoid volatility. 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: The catalytic converters use Rhodium. It is also used for jewelry making. It is also quite affordable compared with other types of precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It's also less expensive. This is why it has become a favourite among investors looking for precious metals.
What is the value of a gold IRA
The benefits of a gold IRA are many. It's an investment vehicle that lets you diversify your portfolio. You decide how much money you want to put into each account, and when you want it to be withdrawn.
Another option is to rollover funds from another retirement account into a IRA with gold. This will allow you to transition easily if it is your decision to retire early.
The best part? You don’t need to have any special skills to invest into gold IRAs. These IRAs are available at all banks and brokerage houses. Withdrawals can be made instantly without the need to pay fees or penalties.
That said, there are drawbacks too. Gold has historically been volatile. It's important to understand the reasons you're considering investing in gold. Do you want safety or growth? Is it for insurance purposes or a long-term strategy? Only when you are clear about the facts will you be able take an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. A single ounce will not be sufficient to meet all your requirements. You could need several ounces depending on what you plan to do with your gold.
A small amount is sufficient if you plan to sell your gold. Even a single ounce can suffice. But you won't be able to buy anything else with those funds.
Is the government allowed to take your gold
The government cannot take your gold because you own it. You worked hard to earn it. It belongs exclusively to you. However, there may be some exceptions to this rule. You can lose your gold if you have been convicted for fraud against the federal governments. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, even if taxes are not paid, gold is still your property.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
3 Ways to Invest Gold for Retirement
It's important to understand how gold fits in with your retirement plan. There are several options to invest in precious metals if your employer has a 401k. You may also want to consider investing in gold outside of your workplace. A custodial account can be opened by a brokerage firm like Fidelity Investments if you already have an IRA. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, invest in cash. This will help to keep your purchasing power high and protect you against inflation.
- Physical Gold Coins to Own – Physical gold coin ownership is better than having a paper certificate. Physical gold coins can be sold much faster than paper certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. This is how you spread your wealth. You can invest in different assets. This can reduce market volatility and help you be more flexible.
By: Jamie Redman
Title: Bitcoin and Ethereum See Modest Gains, NFT Token BLUR Soars 72%
Sourced From: news.bitcoin.com/7-day-crypto-snapshot-blur-ape-klay-and-mina-lead-this-weeks-market-rallies/
Published Date: Sun, 26 Nov 2023 17:30:40 +0000