The cryptocurrency community has been abuzz this weekend with the remarkable surge of solana (SOL) against the U.S. dollar in the past week. Within the last 24 hours, SOL has experienced an impressive 11% increase, and over the course of the week, it has skyrocketed by 45.2%, securing its position as the sixth-largest asset by market capitalization.
Solana Races Ahead in the Crypto Market with a 45% Weekly Rise
Among the top ten crypto assets based on market value, solana (SOL) has outperformed its competitors this week. Currently, SOL boasts a 45.2% surge over the past week and has seen an astonishing 184% leap against the U.S. dollar within the last 30 days. On Saturday, November 11, the trading prices for SOL ranged from $53.59 to $63.44 per coin. With a global trade volume of approximately $4.41 billion in the past day, SOL ranks as the fifth most actively traded cryptocurrency.
The recent increase in solana's value has led to the liquidation of a significant number of short positions that had bet on the decline of this digital currency. According to data from Coinglass, solana has recorded the highest amount of short position liquidations today, totaling $19.28 million. Simultaneously, discussions about SOL's rise are scattered across various social media networks, including X.
"I missed SOL because less than 30 minutes after my bottom call when I went to buy it had pumped to $12 in one straight candle and now it's at $62," wrote Eric Wall. Meanwhile, others are celebrating their gains with SOL. "Mfers watching me make life-changing gains with solana right now," remarked one individual. Another added:
GM to all the people who understand why SOL is headed higher than it's ever been! Now is the time to CHAD a bit more.
Data from Cryptocompare indicates that on Saturday, SOL's primary trading pair is tether (USDT), accounting for 52% of the trading activity, with trades against the U.S. dollar coming in second at 17.83%. The Korean won contributes significantly with a 16.27% share of all SOL trades, while BTC claims 5.83% of the market share.
In addition to BTC, SOL's trading volumes are supported by pairs with BUSD, EUR, TRY, USDC, and ETH. Despite solana's impressive performance in the past month, with triple-digit growth, its current value is still more than 75% lower than its peak of $259 per unit, reached two years ago on November 6, 2021.
What are your thoughts on solana's recent surge, both in the past day and over the previous month? Share your insights and perspectives on this topic in the comments section below.
Frequently Asked Questions
Is physical gold allowed in an IRA.
Not just paper money or coins, gold is money. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. 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. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. If your stock portfolio goes down, you still own your shares. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.
Finally, gold provides liquidity. This means you can easily sell your gold any time, unlike other investments. 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.
Is gold buying a good retirement option?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
Physical bullion bars are the most popular way to invest in gold. There are many ways to invest your gold. Research all options carefully and make an informed decision about what you desire from your investments.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. Owning gold stocks should work well if you need cash flow from your investment.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
What is a Precious Metal IRA and How Can You Benefit From It?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These rare metals are often called “precious” as they are very difficult to find and highly valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Bullion is often used for precious metals. Bullion is the physical metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This will ensure that you receive annual dividends.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. You pay only a small percentage of your gains tax. You also have unlimited access to your funds whenever and wherever you wish.
Is the government allowed to take your gold
Because you have it, the government can't take it. You worked hard to earn it. It belongs to your. This rule may not apply to all cases. Your gold could be taken away if your crime was fraud against federal government. If you owe taxes, your precious metals could be taken away. However, even if taxes are not paid, gold is still your property.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement accounts
investopedia.com
finance.yahoo.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
How To
The History of Gold as an Asset
From ancient times to the beginning of the 20th century, gold was used as a currency. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. Due to its value, it was also internationally traded. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. One pound sterling, for example, was equivalent in England to 24 carats, and one livre tournois, in France, to 25 carats. A mark, on the other hand, was equivalent in Germany to 28 carats.
In the 1860s, the United States began to issue American coins made from 90% copper, 10% Zinc, and 0.942 Fine Gold. This caused a drop in foreign currency demand which resulted in an increase of their prices. The price of gold dropped because the United States began to mint large quantities of gold coins. The U.S. government was unable to pay its debts due to too much money being in circulation. They decided to return some of the gold they had left to Europe.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The gold price has gone up significantly in the years since. Today, although the price fluctuates, gold remains one of the safest investments you can make.
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By: Jamie Redman
Title: Solana’s Rally Soars with a 184% Gain in Just 30 Days as $19M in SOL Shorts Liquidate within 24 Hours
Sourced From: news.bitcoin.com/solanas-rally-hits-184-gain-in-30-days-as-19m-in-sol-shorts-liquidate-in-24-hours/
Published Date: Sat, 11 Nov 2023 21:30:05 +0000
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