17 Cryptocurrencies Record Double-Digit Growth
In the past week, the cryptocurrency market has seen some notable movements. Bitcoin witnessed a modest increase of 2.7% against the U.S. dollar, while ethereum saw a rise of 6.5%. However, the real standout performer has been the non-fungible token (NFT) marketplace Blur's token BLUR, which experienced an impressive surge of 72% in just one week.
As of Sunday, November 26, 2023, the total market capitalization of the cryptocurrency sector stands at $1.43 trillion. During this week, 17 different digital currencies achieved double-digit growth, with BLUR leading the way with its 72% surge.
BLUR Takes the Lead, APE and KLAY Follow
Following BLUR's impressive performance, apecoin (APE) and klaytn (KLAY) also experienced significant gains, escalating by 26.3% each. Additionally, mina protocol (MINA) climbed by 24.1%, and illuvium (ILV) rose by 22.9% over the week, according to data from coingecko.com.
Several other cryptocurrencies also saw notable increases, ranging from 16% to 19.2%. These include uniswap (UNI), sui (SUI), and bittensor (TAO). However, alongside these gains, some digital assets witnessed declines during this week.
Declines in TIA, RLB, MATIC, and KAS
Celestia (TIA) experienced a significant drop, losing 21% of its value over the week, while rollbit coin (RLB) decreased by 8.1%. Additionally, MATIC fell by 8%, and kaspa (KAS) suffered a 6% decline.
Other cryptocurrencies that didn't fare well during this seven-day period include XDC, BNB, SOL, CAKE, and SHIB. On the flip side, the four digital currencies with the highest trading volumes this week were USDT, BTC, ETH, and USDC.
Bitcoin and Ethereum Dominate the Crypto Market
In the $1.43 trillion crypto economy, bitcoin's market value represents 51.2% of the total, while ethereum accounts for 17.5% as of November 26. When looking at the 24-hour performance, the leading crypto gainers include SUPER, ETHW, ROSE, PRIME, and MAGIC, whereas the most notable losers are SNX, SEI, FTT, and PENDLE.
This week's top-performing cryptocurrencies displayed less vigorous growth compared to the previous week, which saw several coins achieving triple-digit increases over a seven-day span.
What are your thoughts on the biggest gainers and losers in the world of crypto trading this week? Share your opinions in the comments section below.
Frequently Asked Questions
What is the best way to hold physical gold?
Gold is money. Not just paper currency. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans now invest in precious metals. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.
Another reason is that gold has historically outperformed other assets in financial panic periods. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.
One of the best things about investing in gold is its virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Gold provides liquidity. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. Gold is liquid and therefore it makes sense to purchase small amounts. This allows for you to benefit from the short-term fluctuations of the gold market.
How does a Gold IRA account work?
For people who are looking to invest in precious materials, Gold Ira account accounts provide tax-free investments.
You can purchase physical gold bullion coins anytime. You don’t have to wait to begin investing in gold.
An IRA allows you to keep your gold forever. Your gold assets will not be subjected tax upon your death.
Your heirs inherit your gold without paying capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
To open a gold IRA, you will first need to create an individual retirement account (IRA). After you have done this, an IRA custodian will be assigned to you. This company acts as a middleman between you and the IRS.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reports.
Once you've set up your gold IRA, it's possible to buy gold bullion. Minimum deposit required is $1,000 A higher interest rate will be offered if you invest more.
Taxes will apply to gold that you take out of an IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
Even if your contribution is small, you might not have to pay any taxes. However, there are some exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. You'll be facing severe financial consequences if you do.
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. Additionally, physical gold can be volatile because it must be stored somewhere.
How is gold taxed within an IRA?
The fair value of gold sold to determines the price at which tax is due. When you purchase gold, you don't have to pay any taxes. It isn't considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
For loans, gold can be used to collateral. Lenders will seek the highest return on your assets when you borrow against them. In the case of gold, this usually means selling it. There's no guarantee that the lender will do this. They might keep it. They may decide to resell it. Either way you will lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. It's better to keep it alone.
What are the pros & cons of a Gold IRA?
An Individual Retirement Account (IRA), unlike regular savings accounts, doesn't require you to pay tax on 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. But, this type of investment comes with its own set of disadvantages.
You may lose all your accumulated savings if you take too much out of your IRA. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do decide to withdraw funds from your IRA, you'll likely need to pay a penalty fee.
A disadvantage to managing your IRA is the fact that fees must be paid. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management charges ranging anywhere from $10 to $50.
You can purchase insurance if you want to keep your money out of a bank. Insurance companies will usually require that you have at least $500,000. Insurance that covers losses upto $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. You may be limited in the amount of gold you can have by some providers. Some providers allow you to choose your weight.
It's also important to decide whether or not to buy gold futures contracts. The price of physical gold is higher than that of gold futures. Futures contracts provide flexibility for purchasing gold. They let you set up a contract that has a specific expiration.
You'll also need to decide what kind of insurance coverage you want. The standard policy does not include theft protection or loss caused by fire, flood, earthquake. It does provide coverage for damage from natural disasters, however. Additional coverage may be necessary if you reside in high-risk areas.
You should also consider the cost of storage for your gold. Insurance doesn't cover storage costs. Safekeeping costs can be as high as $25-40 per month at most banks.
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. Instead, they must retain them for as long and as you require.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. It is also important to specify how much money you will invest each month.
After completing the forms, send them along with a check or a small deposit to your chosen provider. After reviewing your application, the company will send you a confirmation mail.
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. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (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)
- 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)
External Links
cftc.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
bbb.org
forbes.com
How To
Investing in gold or stocks
It might seem risky to invest in gold as an investment vehicle these days. This is because many people believe gold is no longer financially profitable. This belief arises because most people believe that the global economy is driving down gold prices. They fear that investing in gold will result in a loss of money. In reality, though, gold investment can offer significant benefits. Below we'll look at some of them.
Gold is one of the oldest forms of currency known to man. It has been in use for thousands of year. People around the world have used it as a store of value. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. You must determine how much gold bullion you can afford per gram before you consider buying it. You can always ask a local jeweler what the current market rate is if you don't have it.
Noting that gold prices have fallen in recent years, it is worth noting that the cost to produce gold has gone up. So while the price of gold has declined, production costs haven't changed.
Another thing to remember when thinking about whether or not you should buy gold is the amount of gold you plan on purchasing. It makes sense to save any gold you don't need to purchase if your goal is to use it for wedding rings. This is not a wise decision if you're looking to invest in long-term assets. You can profit if you sell your gold at a higher price than you bought it.
We hope you have gained a better understanding about gold as an investment tool. Before making any investment decisions, we strongly advise that you thoroughly research all options. Only then can you make informed decisions.
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By: Jamie Redman
Title: Bitcoin and Ethereum Experience Modest Gains, while BLUR Token Soars 72%
Sourced From: news.bitcoin.com/7-day-crypto-snapshot-blur-ape-klay-and-mina-lead-this-weeks-market-rallies/
Published Date: Sun, 26 Nov 2023 17:30:40 +0000
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