AI Crypto Economy Rebounds Strongly
Recent market data reveals a significant surge in the AI-focused cryptocurrency sector, with its value ballooning by nearly $2 billion in just under two weeks. A major contributor to this growth is the token bittensor (TAO), which soared 86.5% in the last fortnight.
In the AI-oriented crypto landscape, the past month has been marked by impressive growth. The top six AI tokens have all experienced double-digit percentage increases. TAO leads the pack with a striking 207% rise in the last 30 days. Following closely, fetch (FET) has climbed 46.34%, and covalent (CQT) has risen 41.91% against the U.S. dollar during the same period.
Graph (GRT) and SingularityNet (AGIX) Show Positive Trends
In the past month, the graph (GRT) experienced a 35% increase, while singularitynet (AGIX) witnessed a 28% uptick in its value. As of 12 days ago, on November 17, 2023, the valuation of the AI-centric crypto economy stood at $3.32 billion. This was a recovery to previous levels, achieved over three months, adding approximately $720 million from its July end low of $2.6 billion.
Impressive Growth Led by TAO and Cortex (CTXC)
In just the last 12 days, the sector has expanded by an impressive $1.97 billion. This growth is largely attributed to TAO's rise, escalating from a market value of $329 million on October 29 to today's $1.297 billion. Cortex (CTXC) also emerged as a significant player in the AI-focused arena, climbing from the 17th to the 11th position in terms of market capitalization.
CTXC's market value soared from $37 million to a current $90.62 million, following a 194.12% surge this past month. However, not all AI-centric cryptocurrencies fared well over the same period. GOC, XMON, NEURONI, ARCONA, AMC, DX, XRT, and ALI all recorded double-digit declines during the 30-day timeframe.
Share Your Thoughts on the AI Crypto Sector's Recent Rise
What do you think about the AI crypto sector's recent rise? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
How do I Withdraw from an IRA with Precious Metals?
First decide if your IRA account allows you to withdraw funds. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. Many brokers offer signup bonuses or other promotions to encourage people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. Some storage facilities will accept bullion bars, others require you to buy individual coins. You'll have to weigh the pros of each option before you make a decision.
For example, storing bullion bars requires less space because you aren't dealing with individual coins. You will need to count each coin individually. However, individual coins can be stored to make it easy to track their value.
Some people prefer to keep coins safe in a vault. Some prefer to keep them in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
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. You can invest in both options if you aren't sure which option is best for you.
You can earn potential returns on your investment of gold. It's a great investment for retirees.
Gold is more volatile than most other investments. Its value fluctuates over time.
This doesn't mean that you should not invest in gold. You should just factor the fluctuations into any overall portfolio.
Another advantage of gold is its tangible nature. Gold can be stored more easily than stocks and bonds. It can be easily transported.
Your gold will always be accessible as long you keep it in a safe place. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold tends to rise when the stock markets fall.
Investing in gold has another advantage: you can sell it anytime you want. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't place all your eggs in the same basket.
You shouldn't buy too little at once. Start by purchasing a few ounces. Next, add more as required.
Remember, the goal here isn't to get rich quickly. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
Do You Need to Open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. There is no way to recover money that you have invested in precious metals. This includes investments that have been damaged by fire, flooding, theft, and so on.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items are timeless and have a lifetime value. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
When you open an account, keep in mind that you won't receive any returns until your retirement. Remember the future.
What is the best precious metal to invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. Although gold has been considered a safe investment, it is not always the most lucrative. For example, if you need a quick profit, gold may not be for you. If you have time and patience, you should consider investing in silver instead.
If you're not looking to make quick money, gold is probably your best choice. Silver may be a better option for investors who want long-term steady returns.
What are the benefits to having a gold IRA
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It's tax-deferred until you withdraw it. You control how much you take each year. There are many types of IRAs. Some are better suited for college students. Others are intended for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. But once they start withdrawing funds, those earnings aren't taxed again. This account is a good option if you plan to retire early.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. This eliminates the need to constantly make deposits. To avoid missing a payment, direct debits can be set up.
Finally, gold is one of the safest investment choices available today. Because it isn't tied to any particular country its value tends be steady. Even in times of economic turmoil, gold prices tend not to fluctuate. This makes it a great investment option to protect your savings from inflation.
Statistics
- 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)
- 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)
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
irs.gov
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
How To
Gold IRAs are a growing trend
Investors seek diversification and protection against inflation by using gold IRAs.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also get the unique benefits of owning physical Gold, including its durability, portability, flexibility, and divisibility.
Additionally, the gold IRA has many benefits. It allows you to quickly transfer your gold ownership to your heirs. The IRS doesn't consider gold a commodity or currency.
All this means that the gold IRA is becoming increasingly popular among investors seeking a haven during financial uncertainty.
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By: Jamie Redman
Title: AI-Focused Cryptocurrency Sector Expands by $2 Billion in Less Than 2 Weeks
Sourced From: news.bitcoin.com/ai-focused-cryptocurrency-sector-expands-by-2-billion-in-less-than-2-weeks/
Published Date: Wed, 29 Nov 2023 15:30:29 +0000
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