Bitcoin Reaches Highest Level in 20 Months
On December 5, 2023, the value of bitcoin surged to $44,490 per coin, marking its highest level in 20 months. This recent increase in value has not only benefitted bitcoin but also a multitude of other cryptocurrencies. However, despite significant percentage gains, these digital currencies have yet to reach the peak values achieved in April 2022.
The Current State of the Cryptocurrency Market
The overall cryptocurrency market is currently valued at $1.67 trillion, with a global trade volume of about $158 billion recorded over the previous day. Comparing this to April 6, 2022, when bitcoin was trading at $43,926 per coin, we can see a significant increase in its value. However, the cryptocurrency market as a whole was valued at $2.11 trillion during that time, highlighting a reduction in the overall market economy.
Changes in Other Cryptocurrencies
Twenty months ago, ethereum (ETH) was trading at $3,229 per unit. Today, its value has decreased to $2,296 per unit, showing a decrease of $933. BNB, another popular cryptocurrency, was valued at $427 per unit in the past, but now it is trading at $231. Solana (SOL) has also seen significant activity, with its price dropping from $118 to $62 over the same period. Additionally, Terra's LUNA, once trading at $107 per coin and ranked as the seventh largest crypto asset, has fallen to the 55th position with a current value of $0.00022749 per coin.
Changes in Stablecoins
Stablecoins like tether (USDT) and circle's usd coin (USDC) have also experienced changes in their market capitalizations. USDT's market capitalization has increased from $82.51 billion to $90 billion, while USDC's market valuation has decreased from $50.9 billion to $24.33 billion. Terra usd (UST), another stablecoin, has seen a significant decrease in its market cap, dropping from $16.74 billion to $478 million. BUSD has also seen a decrease in supply, dropping from $17.7 billion to $1.59 billion.
The Dominance of Bitcoin in the Crypto Market
Bitcoin's recent surge to a 20-month high highlights its dominant position in the crypto market. While other cryptocurrencies have seen gains, they have not reached their previous peak values. This indicates a diverse and evolving digital currency landscape.
What are your thoughts on the performance of crypto markets this year? Let us know in the comments section below.
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3 Ways to Invest in Gold for Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. You have many options for investing in gold if there is a 401K account at your workplace. You might also be interested to invest in gold outside the workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, invest in cash. This will help to keep your purchasing power high and protect you against inflation.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. Physical gold coins can be sold much faster than paper certificates. There are no storage fees for physical gold coins.
- Diversify Your Portfolio. Never place all your eggs in the same basket. By investing in multiple assets, you can spread your wealth. This can reduce market volatility and help you be more flexible.
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