Recent market statistics reveal that two specific cryptocurrencies, Cardano (ADA) and Avalanche (AVAX), have witnessed substantial gains in the past week, surpassing other top 20 cryptocurrencies in terms of market capitalization. In the previous seven days, Avalanche has surged by an impressive 48.7%, while Cardano has experienced an increase of 50.4% against the U.S. dollar.
Impressive Performance: Cardano and Avalanche Lead the Way
Currently, there are 11,380 different cryptocurrencies listed on 940 crypto exchanges, with a combined value of $1.71 trillion. While Bitcoin (BTC) has risen by 10.2% and Ethereum (ETH) by 8.3% this week among the top 20 tokens, it is Cardano (ADA) and Avalanche (AVAX) that have stood out with their double-digit gains against the U.S. dollar.
ADA has seen an astonishing 50.4% increase, reaching a high of 63 cents on December 9, 2023. Over the past month, ADA has climbed by 60.4%, and in the last year, the token has experienced an impressive 89.1% growth against the dollar. With a market capitalization of approximately $20.75 billion, Cardano currently ranks ninth among the top ten cryptocurrencies.
In the last 24 hours alone, ADA has witnessed a trading volume of $1.39 billion. Despite its impressive year-long growth, ADA still remains more than 80% below its all-time high. On September 2, 2021, it reached $3.09 per coin, while its current trading value stands at 59 cents per unit. It is worth noting that Cardano has surged by a staggering 2,964% since its price of about 1.9 cents recorded three years ago.
Avalanche (AVAX) has also experienced a significant surge of 48.7% against the dollar this week. With a market capitalization of $12 billion, it currently ranks as the 11th largest cryptocurrency in terms of overall valuation. Although it has decreased from its recent high of $33.98 on December 9, 2023, AVAX is still being traded at a respectable $33.15 per unit. Over a 30-day timeline, Avalanche has seen even larger gains than Cardano, with a jump of 149%.
Over the past year, AVAX has recorded a growth of 146.5% against the dollar. However, it is important to note that AVAX is still more than 77% below its all-time high price recorded on November 21, 2021, when it was trading at $144.96 per unit. Nevertheless, AVAX has experienced an impressive surge of 1,067% from its all-time low of $2.80 on December 31, 2020. In the past 24 hours, Avalanche has witnessed a global trading volume of approximately $1.13 billion.
What are your thoughts on the significant gains observed in ADA and AVAX? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
What precious metals could you invest in to retire?
It is gold and silver that are the best precious metal investment. Both can be easily bought and sold, and have been around since forever. You should add them to your portfolio if you are looking to diversify.
Gold: The oldest form of currency known to man is gold. It is also extremely safe and stable. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Silver has always been popular among investors. It's a great option for those who want stability. Unlike gold, silver tends to go up instead of down.
Platinum: A new form of precious metal, platinum is growing in popularity. It's like silver or gold in that it is durable and resistant to corrosion. It is, however, more expensive than its competitors.
Rhodium: The catalytic converters use Rhodium. It is also used for jewelry making. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It is also cheaper. This is why it has become a favourite among investors looking for precious metals.
Is it possible to hold a gold ETF within a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow for contributions from both employees and employers. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
You can also get an Individual Retirement Annuity, or IRA. An IRA allows for you to make regular income payments during your life. Contributions to IRAs can be made without tax.
What is a Precious Metal IRA (IRA)?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are called “precious” metals because they're very hard to find and very valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
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. You'll get dividends each year.
Precious metal IRAs have no paperwork or annual fees. Instead, your gains are subject to a small tax. Plus, you get free access to your funds whenever you want.
How much should precious metals make up your portfolio?
To answer this question, we must first understand what precious metals are. Precious elements are those elements which have a high price relative to other commodities. This makes them valuable in investment and trading. Today, gold is the most commonly traded precious metal.
However, many other types of precious metals exist, including silver and platinum. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It also remains relatively unaffected by inflation and deflation.
All precious metals prices tend to rise with the overall market. That said, they do not always move in lockstep with each other. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. Investors are more likely to expect lower interest rates making bonds less attractive investments.
The opposite effect happens when the economy is strong. Investors choose safe assets such Treasury Bonds over precious metals. They become less expensive and have a lower value because they are limited.
Therefore, to maximize profits from investing in precious metals, you must diversify across multiple precious metals. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- 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)
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).