Introduction
The Altcoin Season Index from blockchaincenter.net has recently indicated that altcoin season has arrived. This metric shows that 75% of the top 50 altcoins have performed better than bitcoin in the past 90 days.
Altcoins Ascend as Index Points to Season's Entry
In December 2023, there was much anticipation among cryptocurrency enthusiasts for the start of altcoin season. At that time, Bitcoin.com News reported on the Altcoin Season Index from blockchaincenter.net, which had a rating of 47 out of 100.
This score indicated that altcoin season had not yet arrived as of December 9, 2023, according to the index. However, the current narrative is quite different.
Altcoin Season Confirmed by Index
A snapshot from blockchaincenter.net's index on January 14, 2024, clearly states that it is now altcoin season. The index stands at 76 out of 100, with any score above 75 indicating an altcoin season.
This level was last observed from August to September 2022. According to the index's methodology, when 75% of the top 50 crypto tokens outperform bitcoin over a 90-day period, it is officially considered altcoin season.
Previous Altcoin Seasons
Altcoin season also occurred from March to June 2021. During these seasons, several assets, including ORDI, SEI, INJ, SOL, ICP, AVAX, IMX, NEAR, and others, outperformed bitcoin.
ORDI saw a gain of 2,067%, while SEI gained 558.5%, surpassing bitcoin by a significant margin. Additionally, Ethereum's market dominance has increased in recent times, with an 18% dominance rating on coinmarketcap.com and a 17.2% rating on coingecko.com.
The Future of Altcoin Season
With the Altcoin Season Index reaching 76 out of 100, the burning questions now are how long this season will last and whether bitcoin's ascent will pause or take a backseat amidst significant altcoin market fluctuations. It is also possible that this current altcoin season could fizzle out quickly and not meet expectations.
What are your thoughts on the Altcoin Season Index reaching 76 out of 100? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Is buying gold a good way to save money for retirement?
Although gold investment may not seem appealing at first glance due to the high average global gold consumption, it's worth considering.
Physical bullion is the most popular method of investing in gold. But there are many other options for investing in gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
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 from an investment, purchasing gold stocks is a good choice.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs can include stocks of precious metals refiners and gold miners.
How much gold should you have in your portfolio?
The amount of money you need to make depends on how much capital you are looking for. Start small with $5k-10k. As your business grows, you might consider renting out office space or desks. Renting out desks and other equipment is a great way to save money on rent. It's only one monthly payment.
Consider what type of business your company will be running. My website design company charges clients $1000-2000 per month depending on the order. You should also consider the expected income from each client when you do this type of thing.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. You may get paid just once every 6 months.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I suggest starting with $1k-2k gold and building from there.
What precious metal should I invest in?
This depends on what risk you are willing take and what kind of return you desire. While gold is considered a safe investment option, it can also be a risky choice. If you are looking for quick profits, gold might not be the right investment. If patience and time are your priorities, silver is the best investment.
If you don't care about getting rich quickly, gold is probably the way to go. Silver may be a better option for investors who want long-term steady returns.
Statistics
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- 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)
- 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)
External Links
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement plans
cftc.gov
finance.yahoo.com
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Tips for Investing with Gold
Investing in Gold is a popular investment strategy. There are many advantages to investing in Gold. There are many ways you can invest in gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).
You should consider some things before you decide to purchase any type of gold.
- First, make sure you check if your country allows you own gold. If it is, you can move on. You might also consider buying gold in foreign countries.
- Second, it is important to know which type of gold coin you are looking for. You have options: you can choose from yellow gold, white or rose gold.
- Thirdly, you should take into consideration the price of gold. Start small and move up. It is important to diversify your portfolio whenever you purchase gold. Diversify your investments in stocks, bonds or real estate.
- Remember that gold prices are subject to change regularly. Keep an eye on current trends.
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By: Jamie Redman
Title: Altcoin Season Index Reaches 76 as Altcoins Outperform Bitcoin
Sourced From: news.bitcoin.com/altcoin-season-index-signals-arrival-top-tokens-eclipse-bitcoins-market-performance/
Published Date: Sun, 14 Jan 2024 22:30:44 +0000
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