In the past week, the value of bitcoin has surged by over 14%, while ethereum has also experienced a notable 13% increase against the U.S. dollar. But it's not just these top contenders that are thriving. A considerable number of other cryptocurrencies have also enjoyed substantial gains throughout the seven-day span.
Market Value Reaches $1.7 Trillion
The crypto market is currently enjoying steady growth, with its total worth reaching $1.7 trillion. This marks a 2.8% rise in just the last 24 hours. With over 11,000 cryptocurrencies spread across 940 exchanges, the market is bustling with activity and showing no signs of slowing down.
Top Weekly Gainers
While bitcoin and ethereum have contributed significantly to the market's growth, there are other digital currencies that have witnessed impressive upticks as well. This week, the meme coin bonk (BONK) leads the charge with a significant 226% increase against the U.S. dollar. It is followed by ORDI, which soared by 146%, and BTT, with a 117% jump. These three coins have all experienced triple-digit surges, making them the top gainers of the week.
Other notable cryptocurrencies with double-digit growth include Terra luna classic (LUNC) with a 72% increase and beam (BEAM) with a 60% rise. WEMIX (+60%), HNT (+51%), STX (+43%), and LUNA 2.0 (+40%) are also among the digital currencies that have seen significant growth.
High-Volume Tokens in Global Trade
When excluding popular cryptocurrencies like bitcoin, ethereum, USDT, and USDC, the frontrunners in global trade volume this week are SOL, XRP, DOGE, LINK, ADA, and BNB. These high-volume tokens have all registered increases ranging from 7% to 21% over the past week.
Some Losers Among the Winners
While the majority of cryptocurrencies have experienced gains, there are a few that have seen a decrease in value. Maker (MKR) saw a 6.4% decrease, and Bitfinex's LEO token dipped by 4.3%. TON, BGB, and ILV also fell by 4.3%, 4.1%, and approximately 3.8% respectively.
Other cryptocurrencies that experienced a downturn this week include KAS, AAVE, and OKB. However, it's worth noting that only eight cryptocurrencies recorded losses against the U.S. dollar in the past week, while the rest either gained value or remained stable.
What are your thoughts on this week's biggest gainers and losers in the crypto market? Share your opinions in the comments section below.
Frequently Asked Questions
How much gold do you need in your portfolio?
The amount of money you need to make depends on how much capital you are looking for. For a small start, $5k to $10k is a good range. As you grow, you can move into an office and rent out desks. So you don't have all the hassle of paying rent. Only one month's rent is required.
Consider what type of business your company will be running. My website design company charges clients $1000-2000 per month depending on the 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. You may get paid just once every 6 months.
Before you can determine how much gold you'll need, you must decide what type of income you want.
I suggest starting with $1k-2k gold and building from there.
Is it possible to hold a gold ETF within 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 contributions from both the employer and employee. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
An Individual Retirement Annuity (IRA) is also available. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs can be made without tax.
What are some of the advantages and disadvantages to a gold IRA
An Individual Retirement Plan (IRA) has a major advantage over regular savings accounts. It doesn't tax any interest earned. This makes an IRA a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. This type of investment has its downsides.
You could lose all of your accumulated money if you take out too much from your IRA. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. A penalty fee will be charged if you decide to withdraw funds.
You will also need to pay fees for managing your IRA. Most banks charge 0.5% to 2.0% per annum. Others charge management fees that range from $10 to $50 per month.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. Most insurers require you to own a minimum amount of gold before making a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you decide to open a gold IRA, it is important to know how much you can use. You may be limited in the amount of gold you can have by some providers. Others allow you to pick your weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. The price of physical gold is higher than that of gold futures. Futures contracts provide flexibility for purchasing gold. They allow you to set up a contract with a specific expiration date.
You also need to decide the type and level of insurance coverage you want. The standard policy does NOT include theft protection and loss due to fire or flood. However, it does cover damage caused by natural disasters. You may consider adding additional coverage if you live in an area at high risk.
In addition to insurance, you'll need to consider the cost of storing your gold. Storage costs will not be covered by insurance. Banks charge between $25 and $40 per month for safekeeping.
You must first contact a qualified custodian before you open a gold IRA. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians aren't allowed to sell your assets. They must instead keep them for as long as you ask.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. Also, you should specify how much each month you plan to invest.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. The company will then review your application and mail you a letter of confirmation.
Consider consulting a financial advisor when opening a golden IRA. Financial planners are experts at investing and can help you determine which type of IRA is best for you. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
What is the best precious metal to invest in?
This depends on what risk you are willing take and what kind of return you desire. Gold is a traditional haven investment. However, it is not always the most profitable. If you are looking for quick profits, gold might not be the right investment. Silver is a better investment if you have patience and the time to do it.
If you don't care about getting rich quickly, gold is probably the way to go. Silver might be a better investment option if steady returns are desired over a long period of time.
How much is gold taxed under a Roth IRA
The tax on an investment account is based on its current value, not what you originally paid. All gains, even if you have invested $1,000 in a mutual funds stock, are subject to tax.
You don't pay tax if you have the money in a traditional IRA/401k. 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.
These accounts are subject to different rules depending on where you live. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. You can delay until April 1st in Massachusetts. And in New York, you have until age 70 1/2 . You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
Should You Buy or Sell Gold?
Gold was a safe investment option for those who were in financial turmoil. 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.
Some experts think that this could change in the near future. 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.
- Consider first whether you will need the money to save for retirement. It's possible to save for retirement without putting your savings into gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offers varying levels of flexibility and security.
- Don't forget that gold does not offer the same safety level as a bank accounts. If you lose your gold coins, you may never recover them.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
Is buying gold a good way to save money for retirement?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
The most popular form of investing in gold is through physical bullion bars. You can also invest in gold in other ways. You should research all options thoroughly before making a decision on which option you prefer.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. If you need cash flow to finance your investment, then gold stocks could be a good option.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
Statistics
- 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)
- 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)
- 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)
- (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
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Lawful – WSJ
irs.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example, and Risk Metrics
How To
Investing in gold vs. investing in stocks
Investing in gold as an investment vehicle might seem like a very risky proposition these days. This is because many people believe gold is no longer financially profitable. This belief is based on the fact that gold prices are being driven down by global economic conditions. They think that they would lose money if they invested in gold. However, investing in gold can still provide significant benefits. Below we'll look at some of them.
Gold is one of the oldest forms of currency known to man. Its use can be traced back to thousands of years ago. People around the world have used it as a store of value. As a means of payment, South Africa and many other countries still rely on it.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. If you're interested in buying gold bullion, it is crucial that you decide how much per gram. You can always ask a local jeweler what the current market rate is if you don't have it.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. So, although gold prices have declined in recent years, the cost of producing it has not changed.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. This is not a wise decision if you're looking to invest in long-term assets. Profitable gold can be sold at a lower price than it was when you bought it.
We hope that this article has helped you gain a better understanding and appreciation for gold as an investment option. We strongly recommend that you research all available options before making any decisions. Only then will you be able to make an informed decision.
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By: Jamie Redman
Title: The Crypto Market Soars as Top Coins Experience Significant Gains
Sourced From: news.bitcoin.com/this-weeks-biggest-gainers-and-losers-bonk-ordi-btt-lead-triple-digit-growth-in-booming-crypto-market/
Published Date: Fri, 08 Dec 2023 16:30:20 +0000
