Over the weekend, the cryptocurrency community was abuzz with the impressive surge in value of solana (SOL) against the U.S. dollar. SOL has experienced an 11% gain in the past 24 hours and a remarkable 45.2% uptick over the week, propelling it to become the sixth largest asset by market cap.
Solana Surpasses Competitors with a 45% Weekly Rise
Outperforming its peers, solana (SOL) has emerged as the leading cryptocurrency among the top ten assets by market value. In the past week alone, SOL has witnessed a remarkable 45.2% increase, and over the last 30 days, it has skyrocketed by 184% against the U.S. dollar. On Saturday, November 11, SOL's trading prices ranged from $53.59 to $63.44 per coin. With a global trade volume of approximately $4.41 billion in the past day, SOL ranks as the fifth most traded cryptocurrency in terms of trading activity.
The recent surge in solana's value has resulted in the liquidation of a significant number of short positions betting on the decline of the digital currency. Data from Coinglass reveals that solana leads today's chart with short position liquidations totaling $19.28 million. Furthermore, conversations about SOL's rise are prevalent across social media networks, including X.
Good morning to all the people who understand why SOL is headed higher than it's ever been! Now is the time to embrace the upward trend.
Data from Cryptocompare indicates that SOL's primary trading pair on Saturday is tether (USDT), accounting for 52% of the trading activity, followed by trades against the U.S. dollar at 17.83%. The Korean won contributes significantly to SOL's trading volume with a share of 16.27%, while BTC claims 5.83% of the market share.
After BTC, SOL's trading volumes are boosted by pairs with BUSD, EUR, TRY, USDC, and ETH. Despite solana's impressive performance over the past month, with triple-digit increases, the current value of SOL is still over 75% lower than its peak of $259 per unit, reached two years ago on November 6, 2021.
What are your thoughts on solana's recent growth, both in the past day and over the previous month? Share your insights and perspectives on this topic in the comment section below.
Frequently Asked Questions
What are the advantages of a gold IRA
You can save money on retirement by putting your money into an Individual Retirement Account. It is tax-deferred until it's withdrawn. You have complete control over how much you take out each year. And there are many different types of IRAs. Some are better suited for college students. Some are better suited for investors who want higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. But once they start withdrawing funds, those earnings aren't taxed again. This account may be worth considering if you are looking to retire earlier.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA, you don't have to worry about paying taxes on your gains while you wait to access them. For people who would rather invest than spend their money, gold IRA accounts are a good option.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. You won't have the hassle of making deposits each month. You could also set up direct debits to never miss a payment.
Finally, the gold investment is among the most reliable. It is not tied to any country so its value tends stay steady. Even during economic turmoil, gold prices tend to stay relatively stable. Therefore, gold is often considered a good investment to protect your savings against inflation.
Who holds the gold in a gold IRA?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
You must have gold at least $10,000 and it must be stored for at the least five years in order to take advantage of this tax-free status.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
Consult a financial advisor or accountant to determine your options.
What is the Performance of Gold as an Investment?
Supply and demand determine the gold price. Interest rates also have an impact on the price of gold.
Due to the limited supply of gold, prices for gold are highly volatile. You must also store physical gold somewhere to avoid the risk of it becoming stale.
What Precious Metals Can You Invest in for Retirement?
Silver and gold are two of the most valuable precious metals. They are both easy to trade and have been around for years. These are great options to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is stable and very secure. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has always been popular among investors. It's an ideal choice for those who prefer to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It is very durable and resistant against corrosion, much like silver and gold. It's also more expensive than the other two.
Rhodium: The catalytic converters use Rhodium. It is also used in jewelry-making. It is relatively affordable when compared to other types.
Palladium: Palladium is similar to platinum, but it's less rare. It's also much more affordable. It's a popular choice for investors who want to add precious metals into their portfolios.
How to Open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. For you to determine the type and eligibility for which IRA, you need Form 5204. This form should be completed within 60 days after opening the account. After this, you are ready to start investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, the process will be identical to an ordinary IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS requires that you are at least 18 years old and have earned an income. For any tax year, your earnings must not exceed $110,000 ($220,000 for married filing jointly). Contributions must be made regularly. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
You can invest in precious metals IRAs to buy gold, palladium and platinum. However, you won't be able purchase physical bullion. This means that you will not be allowed to trade shares or bonds.
Your precious metals IRA may also be used to invest in precious-metal companies. Some IRA providers offer this option.
However, investing in precious metals via an IRA has two serious drawbacks. They aren't as liquid as bonds or stocks. It is therefore harder to sell them when required. They don't yield dividends like bonds and stocks. Therefore, you will lose more money than you gain over time.
How is gold taxed by Roth IRA?
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. 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. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
The rules that govern these accounts differ from one state to the next. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. You can delay until April 1st in Massachusetts. New York offers a waiting period of up to 70 1/2 years. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
Can I have 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).
Traditional IRAs allow for contributions from both employees and employers. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
Also available is an Individual Retirement Annuity. An IRA allows for you to make regular income payments during your life. Contributions to IRAs can be made without tax.
- (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)
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement plans
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
How to keep physical gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. If they survive, there's still the risk of losing money due to fluctuations in the price of gold.
Alternative options include buying physical gold. You can either open an account with a bank, online bullion dealer, or buy gold directly from a seller you trust. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It's also easier to see how much gold you've got stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. There's also less chance of theft than investing in stocks.
However, there are disadvantages. You won't be able to benefit from investment funds or interest rates offered by banks. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. The taxman might also ask you questions about where your gold is located.
BullionVault.com has more information about how to buy gold in an IRA.
By: Jamie Redman
Title: Solana's Rally Soars 184% in 30 Days as $19M in SOL Shorts Liquidate in 24 Hours
Sourced From: news.bitcoin.com/solanas-rally-hits-184-gain-in-30-days-as-19m-in-sol-shorts-liquidate-in-24-hours/
Published Date: Sat, 11 Nov 2023 21:30:05 +0000