Over the past week, both bitcoin and ethereum have seen slight declines ranging from 1.8% to 3.6% when compared to the U.S. dollar. However, amidst this decline, several other cryptocurrencies have showcased impressive double-digit growth, with internet computer (ICP), helium (HNT), bonk (BONK), and woo network (WOO) leading the surge.
Market Overview
Starting on Monday, Dec. 18, 2023, the overall crypto market is currently valued at $1.61 trillion, reflecting a slight decrease of 1.9% from the previous day. As the holiday season approaches, global trading volumes have dipped. However, in the past 24 hours, a notable $76.24 billion was traded, representing a significant 30% increase from the day before.
Top Performers
Throughout the week, internet computer (ICP) has emerged as the top performer, experiencing a remarkable rise of 85.5%. Helium (HNT) has also seen significant growth, soaring by 68.9%. Additionally, bonk (BONK) and woo network (WOO) have both appreciated by 68% and 57.1% respectively against the U.S. dollar. In total, 16 cryptocurrencies have experienced double-digit growth this week.
Other Notable Performers and Trading Volume
Aside from the top performers, other notable cryptocurrencies this week include OSMO, INJ, ASTR, FET, TKX, STX, TIA, BGB, and GT. Among the high-volume traders, XRP, SOL, and AVAX have been prominent. XRP, however, experienced a decline of 4.4% over the week, while SOL increased by 3.1% and AVAX surged by more than 10%. Cryptocurrencies like DOGE, BNB, LINK, and ADA have also remained in the spotlight.
Losses in the Market
On the other end of the spectrum, synthetix network (SNX) has emerged as the week's most significant loser, declining by 21.1%. BTT fell by 16.7%, LUNC by 15.9%, and KAS by 13.9% over the same period. In total, eight cryptocurrencies have registered double-digit losses, with MINA, XEC, EGLD, and LDO also among the notable decliners.
Market Uncertainty and Year-End Reflections
As the year comes to a close, market uncertainty remains a prevalent theme, particularly in the altcoin sector. Historically, the holiday season often witnesses a stagnation in crypto trade volumes, as investors show caution amidst festive distractions and year-end reflections. This period typically sees flat trading activity, underscoring the cautious sentiment prevalent in the market during these final weeks of the year.
What are your thoughts on the week's biggest crypto gainers and losers? Share your opinions and insights in the comments section below.
Frequently Asked Questions
Do You Need to Open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. You cannot recover any money you have invested. All your investments can be lost due to theft, fire or flood.
This type of loss can be avoided by investing in physical silver and gold coins. These items have been around for thousands of years and represent real value that cannot be lost. They are likely to fetch more today than the price you paid for them in their original form.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
Remember that you will not see any returns unless you are retired if you open an Account. Do not forget about the future!
Can I buy Gold with my Self-Directed IRA?
Although you can buy gold using your self-directed IRA account, you will need to open an account at a brokerage like TD Ameritrade. If you have an existing retirement account, you can transfer funds to another one.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
You should consider buying physical gold bullion if you decide to invest in it. Futures contracts can be described as financial instruments that are determined by the gold price. These contracts allow you to speculate on future gold prices without actually owning it. However, physical bullion is real gold or silver bars you can hold in your hands.
Who has the gold in a IRA gold?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
Owning gold can also help protect against inflation and price volatility, but it doesn't make sense to hold gold if you're not going to use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
To find out what options you have, consult an accountant or financial planner.
What Is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These precious metals are extremely rare and valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Bullion is often used for precious metals. Bullion is the physical metal.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This allows you to receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you only pay a small percentage on your gains. Plus, you can access your funds whenever you like.
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 you. This rule could be broken by exceptions. If you are convicted of fraud against the federal government, your gold can be forfeit. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, even if you don't pay your taxes, your gold can be kept as property of the United States Government.
How much gold should your portfolio contain?
The amount you make will depend on the amount of capital you have. You can start small by investing $5k-10k. As your business grows, you might consider renting out office space or desks. Renting out desks and other equipment is a great way to save money on rent. You only pay one month.
You also need to consider what type of business you will run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. You should also consider the expected income from each client when you do this type of thing.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. This means that you may only be paid once every six months.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I recommend starting with $1k-$2k of gold and growing from there.
Statistics
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- 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)
