Seven Days of Shifts: Altcoins Rise, Bitcoin Experiences a Decline
In the past week, the crypto market has seen some interesting developments. While bitcoin's value declined by 5.7%, ethereum witnessed a significant uptick of 10.8% against the U.S. dollar. However, the real winners in this market were the altcoins. SUI, in particular, experienced a remarkable surge, skyrocketing by 74% in just seven days. Another token that made waves was the ethereum name service (ENS), which saw a significant ascent of 71% in the same timeframe.
Altcoins Rise While Bitcoin Remains Bearish
Bitcoin's price remained relatively muted and bearish over the past week, while a number of alternative cryptocurrencies enjoyed strong gains. SUI emerged as the clear frontrunner, soaring by 74% in the seven-day period and an impressive 116% over the last month. In the past 24 hours alone, SUI climbed by 9.8%, making it one of the top performers in terms of daily gains. ENS also experienced a surge of 71.9%, while METIS saw a substantial increase of 50.5% this week.
Other cryptocurrencies that made notable strides include HNT, which saw a 47.4% increase, BLUR with a rise of 38.8%, and TIA achieving a growth of 38% over the past week. Apart from SUI, Monday's standout performers were METIS, FLR, BNB, and LINK. METIS experienced an 8.4% rise, FLR appreciated by 8.3%, BNB grew by 4.2%, and LINK's valuation against the U.S. dollar soared by more than 15% in just 24 hours. However, there were also some significant declines during this period.
BONK dipped by 6.5%, optimism (OP) fell by 5.5%, and despite ENS's overall weekly gain, it dropped by 5.2% on Monday. The largest downturn was seen with stacks (STX), plunging by 19.3%, and bittensor (TAO), which decreased by 10.2% over the week. Additional notable decliners included BTC, VET, INJ, and BGB, with over 24 coins declining between 1.5% to 6.5% against the greenback.
While bitcoin's performance remained sluggish compared to the robust growth of certain altcoins, the overall trend suggests a diversifying market where newer entrants like SUI and ENS are gaining prominence. This week's trading activity highlights the evolving landscape of digital assets, where gains and losses often coexist, reflecting the sector's inherent volatility and the shifting preferences of crypto traders.
What are your thoughts on this week's crypto trading and the rising altcoin values? Share your opinions in the comments section below.
Frequently Asked Questions
How Much of Your IRA Should Include Precious Metals?
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. They don't require you to be wealthy to invest in them. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might consider purchasing physical coins, such as bullion bars and rounds. Also, you could buy shares in companies producing precious metals. Your retirement plan provider may offer an IRA rollingover program.
No matter what your preference, precious metals will still be of benefit to you. They are not stocks but offer long-term growth.
They also tend to appreciate over time, unlike traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Is gold a good investment IRA option?
For anyone who wants to save some money, gold can be a good investment. It is also an excellent way to diversify you portfolio. But there is more to gold than meets the eye.
It's been used as a form of payment throughout history. It's sometimes called “the world's oldest money”.
Gold, unlike other paper currencies created by governments is mined directly from the earth. Because it is rare and difficult to make, it is extremely valuable.
The supply and demand factors determine how much gold is worth. If the economy is strong, people will spend more money which means less people can mine gold. The result is that gold's value increases.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This means that more gold is produced, which reduces its value.
This is why investing in gold makes sense for individuals and businesses. You will benefit from economic growth if you invest in gold.
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.
How Does Gold Perform as an Investment?
The price of gold fluctuates based on supply and demand. Interest rates are also a factor.
Gold prices are volatile due to their limited supply. Physical gold is not always in stock.
How much tax is gold subject to in an IRA
The tax on the sale of gold is based on its fair market value when sold. You don't pay taxes when you buy gold. It isn't considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
As collateral for loans, gold is possible. When you borrow against your assets, lenders try to find the highest return possible. In the case of gold, this usually means selling it. However, there is no guarantee that the lender would do this. They might keep it. They might decide to sell it. You lose potential profits in either case.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. It's better to keep it alone.
Statistics
- 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)
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
investopedia.com
bbb.org
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
irs.gov
How To
The best place online to buy silver and gold
First, understand the basics of gold. It is a precious metal that is very similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It's difficult to use, so most people prefer purchasing jewelry made from it rather than actual bars.
There are two types currently available: legal tender and bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They aren't circulated in any currency exchange systems. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. If you want to purchase gold directly from a dealer, then a few options are available. First off, you can go through your local coin shop. You could also look into eBay or other reputable websites. Finally, you can look into purchasing gold through private sellers online.
Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. Private sellers will charge you a 10% to 15% commission for every transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This option can be a good choice for investing in gold because it allows you to control the price.
An alternative option to buying gold is to buy physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. These are small businesses that let customers borrow money against the items they bring to them. Banks usually charge higher interest rates that pawn shops.
Another way to purchase gold is to ask another person to do it. Selling gold is also easy. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.
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By: Jamie Redman
Title: Altcoins Thrive While Bitcoin Dips in a Dramatic Week of Crypto Trading
Sourced From: news.bitcoin.com/altcoins-thrive-while-bitcoin-dips-in-a-dramatic-week-of-crypto-trading/
Published Date: Mon, 15 Jan 2024 18:30:06 +0000
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