Bitcoin and Ethereum Show Modest Uptick Amidst Deceleration
This week, despite a deceleration in their growth, both bitcoin and ethereum managed to record a modest uptick of 2-3% against the U.S. dollar. However, it was a different story for around 50 other cryptocurrencies, as they experienced double to triple-digit gains during the same seven-day period. Among these gainers, ARK, SNT, and SUSHI emerged as frontrunners in the race for gains from Saturday, October 28, to Saturday, November 4, 2023.
Market Watch: ARK Takes the Lead as FLOKI Stumbles
Within this dynamic market, a collection of 50 cryptocurrencies showcased impressive gains ranging from 12% to a striking 168% against the U.S. dollar. At the same time, a different group of 30 tokens experienced a pullback, resulting in losses ranging from a negligible 0.01% to a significant dip of over 15% throughout the last week.
Outshining the rest, ARK token soared to a notable 168% surge when measured against the U.S. dollar. Currently ranking 147th in market capitalization, ARK witnessed a substantial 23.2% upswing in just the past day.
Following closely behind, the status (SNT) token claimed the runner-up spot for gains, climbing 118% against the dollar. Meanwhile, sushi (SUSHI) secured the third position with a 72% rise this week.
Other Notable Performers
Among the high performers of the week, ARK and SNT stood out as the only tokens to achieve triple-digit gains within the group of 50. Wemix (WEMIX) and Pancakeswap (CAKE) rounded out the top five with gains of 51.4% and 50.36%, respectively.
The remaining positions in the top ten were claimed by SURE, ONG, POLY, RUNE, and ROSE, all boasting gains ranging from 32% to a robust 49%. Not to be outdone, tokens ZRX, XEM, AAVE, XRP, and SSV secured spots 45 through 50, with gains ranging from 12% to 13%.
The Flip Side: Top Losers
While some tokens experienced significant gains, others faced declines. The meme token floki (FLOKI) topped the charts as the week's most significant decliner against the greenback, plummeting by 15.76%. Close behind was baby doge coin (BABYDOGE), which saw a decrease of 14.04%.
OMI registered a 12.9% loss, followed by PEPE with a 9.4% fall. The fifth-largest backslide belonged to the Shiba Inu project's BONE, dipping 9.2% over the week.
Other tokens that felt the sting of decline included QNT, MKR, FTT, ANT, and LUNA (2.0), all rounding out the top ten losers over the course of seven days.
A Look at the Overall Market
The current valuation of the crypto economy stands at $1.3 trillion, representing a 1.88% increase in the last 24 hours. However, the trade volume has seen a decline of 24% since yesterday, hovering around $35.59 billion over the past day.
In terms of dominance, bitcoin (BTC) maintains a 52.3% market share, while ethereum (ETH) holds 17%.
What are your thoughts on the week's biggest gainers and losers in the world of crypto trading? Share your opinions and insights in the comments section below.
Frequently Asked Questions
What are some of the advantages and disadvantages to a gold IRA
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don't have to pay taxes on any interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. However, there are also disadvantages to this type of investment.
You could lose all of your accumulated money if you take out too much from 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.
Another problem is the cost of managing your IRA. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management costs ranging from $10-50.
You can purchase insurance if you want to keep your money out of a bank. Most insurers require you to own a minimum amount of gold before making a claim. Insurance that covers losses upto $500,000.
If you decide to open a gold IRA, it is important to know how much you can use. You may be limited in the amount of gold you can have by some providers. Others let you pick your weight.
You'll also need to decide whether to buy physical gold or futures contracts. Physical gold is more expensive than gold futures contracts. Futures contracts provide flexibility for purchasing gold. You can set up futures contracts with a fixed expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy does NOT include theft protection and loss due to fire or flood. The policy does not cover natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
Apart from insurance, you should consider the costs of storing your precious metals. Insurance won't cover storage costs. Banks charge between $25 and $40 per month for safekeeping.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians don't have the right to sell assets. Instead, they must retain them for as long and as you require.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. It is also important to specify how much money you will invest each month.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. After receiving your application, the company will review it and mail you a confirmation letter.
Consider consulting a financial advisor when opening a golden IRA. A financial planner can help you decide the type of IRA that is right for your needs. They can help you find cheaper insurance options to lower your costs.
What are the fees associated with an IRA for gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This includes account maintenance and any investment costs.
Diversifying your portfolio may require you to pay additional fees. These fees will vary depending upon the type of IRA chosen. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Most providers also charge annual management costs. These fees range from 0% to 1%. The average rate is.25% per year. These rates are usually waived if you use a broker such as TD Ameritrade.
How Much of Your IRA Should Include Precious Metals?
You should remember that precious metals are not only for the wealthy. You don't need to be rich to make an investment in precious metals. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might think about buying physical coins such a bullion bar or round. You could also buy shares in companies that produce precious metals. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. Even though they aren't stocks, they still offer the possibility of long-term growth.
They also tend to appreciate over time, unlike traditional investments. If you decide to sell your investment, you will likely make more than with traditional investments.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- (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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
cftc.gov
investopedia.com
finance.yahoo.com
irs.gov
How To
A rising trend in gold IRAs
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
The gold IRA allows investors to purchase physical gold bars and bullion. It can be used for tax-free growth and provides an alternative investment option for those concerned about stocks and bonds.
A gold IRA allows investors to manage their assets without worrying about market volatility. They can also use the gold IRA as a protection against potential problems like inflation.
Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
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By: Jamie Redman
Title: Crypto Gainers and Losers: A Snapshot of This Week's Market
Sourced From: news.bitcoin.com/crypto-gainers-and-losers-this-weeks-market-snapshot/
Published Date: Sat, 04 Nov 2023 14:30:02 +0000
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