Bitcoin's value surged over 14% in the past week, while ethereum also experienced a notable 13% increase against the U.S. dollar. Alongside these top contenders, several other cryptocurrencies have also enjoyed substantial gains in the last seven days.
Top Coins Thrive as Market Value Hits $1.7 Trillion
The crypto market, which features over 11,000 cryptocurrencies across 940 exchanges, is currently experiencing steady growth. Its total worth has reached $1.7 trillion, marking a 2.8% rise in the last 24 hours.
The overall value of the crypto market is on a consistent upward trajectory. While BTC and ETH contribute significantly to this growth, many other digital currencies are also witnessing impressive upticks.
BONK, ORDI, and BTT Lead the Way
This week, the meme coin BONK takes the lead with a significant 226% increase against the U.S. dollar. Following closely behind are ORDI, soaring by 146%, and BTT, with a 117% jump. These three cryptocurrencies are the top gainers of the week, each experiencing triple-digit surges.
Other notable cryptocurrencies with double-digit growth include LUNC (+72%), BEAM (+60%), WEMIX (+60%), HNT (+51%), STX (+43%), and LUNA 2.0 (+40%).
High-Volume Tokens in Global Trade Volume
Excluding BTC, ETH, USDT, and USDC, the frontrunners in global trade volume this week are SOL, XRP, DOGE, LINK, ADA, and BNB. These high-volume tokens have all registered increases ranging from 7% to 21% over the past week.
Some Cryptocurrencies Experience a Downturn
While many cryptocurrencies enjoyed gains, some experienced a downward trend over the week. MKR saw a 6.4% decrease, and Bitfinex's LEO token dipped by 4.3%. TON also fell by 4.3%, BGB by 4.1%, and ILV by roughly 3.8%.
Other cryptocurrencies that experienced a downturn include KAS, AAVE, and OKB. In summary, only eight cryptocurrencies recorded losses against the U.S. dollar in the past week, while the rest either gained value or remained stable.
What are your thoughts on this week's biggest gainers and losers? Share your opinions in the comments section below.
Frequently Asked Questions
How much should precious metals be included in your portfolio?
This question can only be answered if we first know what precious metals are. Precious metals refer to elements with a very high value relative other commodities. This makes them highly valuable for both investment and trading. Gold is currently the most widely traded precious metal.
There are also many other precious metals such as platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It is also unaffected significantly by inflation and Deflation.
The general trend is for precious metals to increase in price with the overall market. However, the prices of precious metals do not always move in sync with one another. For example, when the economy is doing poorly, the price of gold typically rises while the prices of other precious metals tend to fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
However, when an economy is strong, the reverse effect occurs. Investors favor safe assets like Treasury Bonds, and less precious metals. They become less expensive and have a lower value because they are limited.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
What are the fees associated with an IRA for gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This includes the account maintenance fees and any investment costs associated with your chosen investments.
Diversifying your portfolio may require you to pay additional fees. The fees you pay will vary depending on the type of IRA that you choose. Some companies offer free check accounts, but charge monthly fee for IRA accounts.
In addition, most providers charge annual management fees. These fees range from 0% to 1%. The average rate is.25% annually. These rates are often waived if a broker like TD Ameritrade is used.
Can I hold a gold ETF in a Roth IRA?
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
A traditional IRA allows contributions from both employee and employer. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
You can also get an Individual Retirement Annuity, or IRA. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs do not have to be taxable
Which precious metals are best to invest in retirement?
Gold and silver are the best precious metal investments. They are both easy to trade and have been around for years. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: This is the oldest form of currency that man has ever known. It is very stable and secure. It is a good way for wealth preservation during uncertain times.
Silver: Silver has always been popular among investors. It's a good choice for those who want to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium is another precious metal that is becoming increasingly popular. It's like silver or gold in that it is durable and resistant to corrosion. However, it's much more expensive than either of its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used in jewelry-making. It is also quite affordable compared with other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also less expensive. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
Statistics
- 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)
- (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)
- 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)
External Links
cftc.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Investing in gold or stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because most people believe that it is no longer economically profitable to invest gold. This belief is due to the fact that many people see gold prices dropping because of the global economy. People believe that investing in gold would result in them losing money. In reality, though, gold investment can offer significant benefits. Below are some of them.
Gold is the oldest known form of currency. Its use can be traced back to thousands of years ago. It has been used as a store for value by people all over the globe. It's still used by countries like South Africa as a method of payment.
The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. You can always ask a local jeweler what the current market rate is if you don't have it.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. Although gold's price has fallen, its production costs have not.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. But, if your goal is to make long-term investments in gold, this might be worth considering. If you sell your gold for more than you paid, you can make a profit.
We hope this article has given you an improved understanding of gold investment tools. We recommend you do your research before making any final decisions. Only then can you make informed decisions.
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By: Jamie Redman
Title: This Week’s Biggest Gainers and Losers: BONK, ORDI, BTT Lead Triple-Digit Growth in Booming Crypto Market
Sourced From: news.bitcoin.com/this-weeks-biggest-gainers-and-losers-bonk-ordi-btt-lead-triple-digit-growth-in-booming-crypto-market/
Published Date: Fri, 08 Dec 2023 16:30:20 +0000
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