Bitcoin and ethereum saw slight declines of 1.8% to 3.6% against the U.S. dollar in the past week. However, several crypto assets experienced impressive double-digit growth during this period. Internet computer (ICP), Helium (HNT), bonk (BONK), and woo network (WOO) were the top performers, leading the surge in the market.
Crypto Market Valuation and Trading Volumes
On Monday, Dec. 18, 2023, the total value of the crypto market was $1.61 trillion, showing a slight decrease of 1.9% from the previous day. As the holiday season approaches, global trading volumes have dipped. However, in the past 24 hours, there was a notable increase in trading activity, with $76.24 billion traded, marking a significant 30% increase from the day before.
Top Performers of the Week
Internet computer (ICP) emerged as the top performer, with a remarkable increase of 85.5%. Helium (HNT) also experienced a significant rise of 68.9%, followed by bonk (BONK) with a surge of 68%. Woo network (WOO) appreciated by 57.1% against the U.S. dollar. In total, 16 cryptocurrencies out of the more than 11,000 listed experienced double-digit growth during this week.
Other notable performers included OSMO, INJ, ASTR, FET, TKX, STX, TIA, BGB, and GT. In terms of trading volume, XRP, SOL, and AVAX were prominent alongside BTC and ETH. XRP experienced a decline of 4.4% over the week, while SOL increased by 3.1% and AVAX surged by over 10%. Other high-volume traders such as DOGE, BNB, LINK, and ADA also remained in the spotlight.
Losers of the Week
Synthetix network (SNX) was the biggest loser of the week, declining by 21.1%. BTT fell by 16.7%, LUNC by 15.9%, and KAS by 13.9% over the same period. In total, eight cryptocurrencies registered double-digit losses. MINA, XEC, EGLD, and LDO were also among the notable decliners.
Market Uncertainty and Year-End Reflections
As the year comes to a close, market uncertainty remains a prevalent theme, especially in the altcoin sector. Historically, the holiday season often witnesses a stagnation in crypto trade volumes as investors exercise caution amidst festive distractions and year-end reflections. This period typically sees flat trading activity, highlighting the cautious sentiment prevalent in the market during these final weeks of the year.
What are your thoughts on the biggest gainers and losers in the crypto market this week? Share your opinions in the comments section below.
Frequently Asked Questions
Can I hold a gold ETF in a Roth IRA?
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
You can also get an Individual Retirement Annuity, or IRA. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions to IRAs don't have to be taxable
Is gold a good investment IRA option?
If you are looking for a way to save money, gold is a great investment. It is also an excellent way to diversify you portfolio. But gold has more to it than meets the eyes.
It's been used as a form of payment throughout history. It is often called “the most ancient currency in the universe.”
But unlike paper currencies, which governments create, gold is mined out of the earth. Because it is rare and difficult to make, it is extremely valuable.
The supply and demand for gold determine the price of gold. If the economy is strong, people will spend more money which means less people can mine gold. The value of gold rises as a consequence.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This causes more gold to be produced, which lowers its value.
This is why both individuals as well as businesses can benefit from investing in gold. If you invest in gold, you'll benefit whenever the economy grows.
Your investments will also generate interest, which can help you increase your wealth. Plus, you won't lose money if the value of gold drops.
What precious metal is best for investing?
The answer to this question depends on how much risk you are willing to take and what type of return you want. While gold is considered a safe investment option, it can also be a risky choice. For example, if you need a quick profit, gold may not be for you. You should invest in silver if you have the patience and time.
If you don’t want to be rich fast, gold might be the right choice. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Statistics
- 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)
- (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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
finance.yahoo.com
investopedia.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Lawful – WSJ
How To
3 Ways To Invest in Gold For Retirement
It's essential to understand how gold fits into your retirement plan. There are many ways to invest in gold if you have a 401k account at work. You may also want to consider investing in gold outside of your workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are three simple rules to help you make an investment in gold.
- You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, instead, transfer cash to your accounts. This will help to keep your purchasing power high and protect you against inflation.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. Physical gold coins are easier to sell than certificates. Physical gold coins are also free from storage fees.
- Diversify Your Portfolio. Never place all your eggs in the same basket. By investing in multiple assets, you can spread your wealth. This helps reduce risk and gives you more flexibility during market volatility.
—————————————————————————————————————————————————————————————–
By: Jamie Redman
Title: Top Performers and Losers in the Crypto Market This Week
Sourced From: news.bitcoin.com/market-week-in-review-cryptos-highs-and-lows-with-icp-and-snx-leading-the-charge-and-retreat/
Published Date: Mon, 18 Dec 2023 16:30:25 +0000
Did you miss our previous article…
https://altcoinirareview.com/hashkey-capital-singapore-receives-full-capital-markets-services-cms-license-from-mas/
Related posts:
BONK’s Meteoric Rise: Surpassing PEPE with a 621% Surge and Securing Third Place in the Meme Coin Market
Can Unlimited Fiat and Governments Suppress Bitcoin’s Price? 2 Analysts Discuss the Theory and Odds
Saga Phone Resurgence: BONK’s Rise Turns Solana Device Into Hot Commodity
Crypto Market’s Mixed Fortunes — BONK, TAO, and KAS Rise as Several Other Cryptos Stagnate
