As of now, the cryptocurrency market is valued at $1.42 trillion, with bitcoin (BTC) holding 49.9% of the total market cap. This week, both bitcoin and ethereum had relatively stagnant performance in terms of percentage changes, while several other digital currencies outperformed the top two. Notably, BONK and TAO saw significant gains of 136% and 97.3% respectively.
A Week of Highs and Lows for Cryptocurrencies
During this week, the spotlight was on BONK, TAO, and KAS, which experienced gains ranging from 70% to 136% over a seven-day period. Slightly trailing behind were skale (SKL) and axelar (AXL), with increases of 59% and 58% respectively.
In total, eight cryptocurrencies surged over 40% against the U.S. dollar this week, and 18 achieved increases of 20% or more. Other significant gainers included FET, SNX, NEAR, IMX, and AVAX.
Interestingly, around 50 cryptocurrencies showed upward movements exceeding 4% during the past week. However, only 27% of cryptocurrencies exhibited positive trends on Monday.
The week also saw some notable declines. ZRX, for instance, experienced a sharp decline of 29%, while RBL dropped 18.9% over the week. LUNA and FIL also faced losses, with weekly declines of 17.15% and 12.64% respectively.
In total, seven cryptocurrencies experienced double-digit declines this week. Other coins that faced notable downturns included SUI, DFI, TWT, IOTX, SNT, and ATOM. On Monday, 50 digital currencies reported losses of 4% or more compared to the previous week's trading sessions.
Aside from USDT, BTC, and ETH, high trading volumes were observed in coins such as SOL, XRP, AVAX, and LINK. BNB, DOGE, NEAR, and MATIC also recorded significant volumes. While certain tokens flourished in the market this week, other markets showed less receptiveness.
What are your thoughts on this week's market gainers and losers? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Purchase Gold?
Gold was once considered an investment safe haven during times of economic crisis. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Experts believe this could change soon. According to them, gold prices could soar if there is another financial crisis.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
Here are some things to consider if you're considering investing in gold.
- Before you start saving money for retirement, think about whether you really need it. It is possible to save for retirement while still investing your gold savings. That said, gold does provide an additional layer of protection when you 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. It is possible to lose your gold coins.
You should do your research before buying gold. If you already have gold, make sure you protect it.
Should You Invest Gold in Retirement?
The answer will depend on how many dollars you have saved so far and whether you had gold as an investment option at the time. If you are unsure of which option to invest in, consider both.
Gold offers potential returns and is therefore a safe investment. It is a good choice for retirees.
While many investments promise fixed returns, gold is subject to fluctuations. Therefore, its value is subject to change over time.
But this doesn't mean you shouldn't invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit of gold is that it's a tangible asset. Unlike stocks and bonds, gold is easier to store. It's also portable.
As long as you keep your gold in a secure location, you can always access it. You don't have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold rises in the face of a falling stock market.
Another benefit to investing in gold? You can always sell it. 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. You shouldn't try to put all of your eggs into one basket.
Also, don't buy too much at once. Start with just a few drops. You can add more as you need.
Remember, the goal here isn't to get rich quickly. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
Are gold investments a good idea for an IRA?
If you are looking for a way to save money, gold is a great investment. It's also a great way to diversify your portfolio. But there is more to gold than meets the eye.
It has been used throughout the history of currency and remains a popular payment method. It's sometimes called “the world's oldest money”.
But gold, unlike paper currency, which is created by governments, is mined out from the ground. Because it is rare and difficult to make, it is extremely valuable.
The supply and demand factors determine how much gold is worth. If the economy is strong, people will spend more money which means less people can mine gold. The result is that gold's value increases.
The flip side is that people tend to save money when the economy slows. This leads to more gold being produced which decreases its value.
This is why it makes sense to invest in gold for individuals and companies. If you have gold to invest, you will reap the rewards when the economy expands.
Also, your investments will earn you interest which can help increase your wealth. Plus, you won't lose money if the value of gold drops.
How much tax is gold subject to in an IRA
The fair value of gold sold to determines the price at which tax is due. Gold is not subject to tax when it's purchased. It is not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
For loans, gold can be used to collateral. Lenders seek to get the best return when you borrow against your assets. For gold, this means selling it. It's not guaranteed that the lender will do it. They may hold on to it. They might decide that they want to resell it. The bottom line is that you could lose potential profit in any case.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. It's better to keep it alone.
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These are “precious metals” because they are hard to find, and therefore very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals often refer to themselves as “bullion.” Bullion is the physical metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. You'll get dividends each year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay only a small percentage tax on your gains. Plus, you get free access to your funds whenever you want.
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not legal – WSJ
The best way online to buy gold or silver
To buy gold, you must first understand how it works. Precious metals like gold are similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It's difficult to use, so most people prefer purchasing jewelry made from it rather than actual bars.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They can't be exchanged in currency exchange systems. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. There are many options for buying gold directly from dealers. You can start by visiting your local coin shop. You might also consider going through a reputable online seller like eBay. You can also look into buying gold online from private sellers.
Individuals who sell gold at wholesale and retail prices are called private sellers. Private sellers typically charge 10% to 15% commission on each transaction. That means you would get back less money from a private seller than from a coin shop or eBay. This option can be a good choice for investing in gold because it allows you to control the price.
Another option for buying gold is to invest in physical gold. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. It is important to keep your physical gold safe in an impenetrable box such as a vault, safety deposit box or other secure container.
When buying gold on your own, you can visit a bank or a pawnshop. A bank can give you a loan up to the amount you intend to invest in Gold. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks often charge higher interest rates then pawnshops.
Finally, another way to buy gold is to simply ask someone else to do it! Selling gold can also be done easily. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
By: Jamie Redman
Title: Crypto Market’s Mixed Fortunes — BONK, TAO, and KAS Rise as Several Other Cryptos Stagnate
Sourced From: news.bitcoin.com/crypto-markets-mixed-fortunes-bonk-tao-and-kas-rise-as-several-other-cryptos-stagnate/
Published Date: Mon, 20 Nov 2023 16:00:27 +0000