Altcoins Outperform Bitcoin
The Altcoin Season Index from blockchaincenter.net has revealed that 75% of the top 50 altcoins have outperformed bitcoin in the past 90 days. This indicator, known as the Altcoin Season Index, suggests that the time has come for altcoins to shine in the cryptocurrency market.
A Changing Narrative
In early December 2023, cryptocurrency enthusiasts were eagerly waiting for the arrival of altcoin season. At that time, the Altcoin Season Index rated a 47 out of 100, indicating that altcoin season had not yet arrived. However, the situation has changed dramatically since then.
As of January 14, 2024, the Altcoin Season Index stands at 76 out of 100, clearly signaling the arrival of altcoin season. A score above 75 is considered indicative of an altcoin season, and the index hasn't reached this level since August 2022. This season is defined as a period when 75% of the top 50 altcoins outperform bitcoin over a 90-day period.
Previous Altcoin Seasons
This is not the first altcoin season in recent years. From the end of March 2021 to mid-June 2021, altcoin season was in full swing. During these periods, altcoins such as ORDI, SEI, INJ, SOL, ICP, AVAX, IMX, NEAR, and several others outperformed bitcoin significantly.
For example, ORDI recorded a gain of 2,067%, while SEI gained 558.5%. These numbers far surpass the performance of bitcoin. Additionally, the market dominance of ethereum (ETH) has also increased in recent times, further highlighting the rise of altcoins.
Bitcoin's Future and Altcoin Market Fluctuations
As altcoin season gains momentum, questions arise regarding the longevity of this trend and its impact on bitcoin. Will bitcoin's growth slow down or take a backseat amidst the fluctuations in the altcoin market? Alternatively, this altcoin season might fizzle out quickly, failing to meet expectations.
Only time will tell how this altcoin season unfolds. In the meantime, the Altcoin Season Index reaching 76 out of 100 reflects the growing influence of altcoins in the cryptocurrency landscape.
What are your thoughts on the Altcoin Season Index reaching 76 out of 100? Share your opinions in the comments section below.
Frequently Asked Questions
What does gold do as an investment?
Gold's price fluctuates depending on the supply and demand. Interest rates can also affect the gold price.
Due to their limited supply, gold prices fluctuate. There is also a risk in owning gold, as you must store it somewhere.
How much gold do you need in your portfolio?
The amount of money you need to make depends on how much capital you are looking for. A small investment of $5k-10k would be a great option if you are looking to start small. Then as you grow, you could move into an office space and rent out desks, etc. Renting out desks and other equipment is a great way to save money on rent. Only one month's rent is required.
Also, you need to think about the type of business that you are going to run. In my case, we charge clients between $1000-2000/month, depending on what they order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. So you might only get paid once every 6 months or so.
Before you can determine how much gold you'll need, you must decide what type of income you want.
I recommend starting with $1k-$2k of gold and growing from there.
Should You Purchase Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
This could be changing, according to some experts. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some important things to remember if your goal is to invest in gold.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. It is possible to save enough money to retire without investing in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, ensure you fully understand the risks involved in buying gold. Each offer varying degrees of security and flexibility.
- Remember that gold is not as safe as a bank account. Your gold coins may be lost and you might never get them back.
If you are thinking of buying gold, do your research. Make sure to protect any gold you already own.
Statistics
- (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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
finance.yahoo.com
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not exactly legal – WSJ
irs.gov
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
3 Ways to Invest Gold for Retirement
It's important to understand how gold fits in with your retirement plan. There are several options to invest in precious metals if your employer has a 401k. You might also consider investing in gold outside your workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Your Cash – Don't use credit cards or borrow money to fund your investments. Instead, instead, transfer cash to your accounts. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins – Physical gold coins are better than a paper certificate. The reason is that it's much easier to sell physical gold coins than certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify Your Portfolio. Never place all your eggs in the same basket. This is how you spread your wealth. You can invest in different assets. This can reduce market volatility and help you be more flexible.
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