On Saturday, December 2, 2023, the cryptocurrency market displayed a positive trajectory, advancing by 1.91% to reach a total value of $1.48 trillion. This surge in the crypto economy signifies significant growth and potential in the digital currency space.
Cryptocurrency Market Experiences a Surge
The overall cryptocurrency market experienced a surge this Saturday, with an approximate 2% increase over the past day. This growth can be attributed to the rise of several prominent cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE).
Bitcoin and Ethereum Reach New Heights
Bitcoin (BTC) saw a 1.59% rise against the U.S. dollar, reaching a peak of $39,705 within the day. This marks its highest value since late April 2022, showcasing the resilience and potential of the leading cryptocurrency. Ethereum (ETH) also experienced an escalation, climbing 3.58% to $2,195 per token.
Other Cryptocurrencies Show Significant Growth
In addition to Bitcoin and Ethereum, other cryptocurrencies witnessed notable increases in value. Solana (SOL) witnessed a 7% uptick, reaching $63.31 on Saturday. Dogecoin (DOGE) also escalated by 9.11% against the dollar, reaching $0.08612 per coin. These gains highlight the growing popularity and potential of these digital assets.
Double-Digit Gains in the Crypto Market
Several cryptocurrencies experienced substantial growth, securing significant double-digit gains over the weekend. BLUR, RUNE, TIA, IOTA, and ORDI soared between 11.3% and 54.9%, showcasing the potential for substantial returns in the crypto market. Additionally, PYTH, THETA, XRD, and WEMIX also reported noteworthy increases.
Global Trading Volume and Market Dominance
The 24-hour global trading volume on Saturday stood at approximately $49.94 billion, marking a 7% decrease from Friday's figures. Tether dominated with a global trade volume of $29.42 billion, while Bitcoin's trade volume reached $14.52 billion. Bitcoin's market dominance hovers around 52% this weekend, with Ethereum's dominance at 17.5%. These figures indicate the significance of Bitcoin and Ethereum in the overall crypto market.
Crypto Fear and Greed Index
The crypto fear and greed index (CFGI) on Saturday registered a score of 74, symbolizing a state of "greed." This sentiment has been consistent since yesterday and throughout the past week. Investors and traders are displaying confidence and optimism in the crypto market, driving the surge in prices and overall market valuation.
Liquidations and Positions
Following Bitcoin's surge to $39,705, a significant portion of the day's liquidations occurred in the past four hours, totaling $71 million out of $101 million in liquidated shorts. In the last 24 hours, a total of $122.48 million in both long and short positions have been eradicated. These liquidations indicate the volatility and potential risks associated with trading cryptocurrencies.
Overall, the recent surge in the crypto economy highlights the evolving nature of the digital currency space. Investors and market participants are witnessing significant growth and potential returns in the crypto market. As the market continues to develop, it is essential for individuals to stay informed and make informed decisions when engaging with cryptocurrencies.
What are your thoughts on the latest crypto economy surge? Let us know in the comments section below.
Frequently Asked Questions
Can I hold physical gold in my IRA?
Not just paper money or coins, gold is money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans now invest in precious metals. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. During those turbulent market conditions, gold was among the few assets that outperformed stocks.
The best thing about gold investing is the fact that there's virtually no counterparty risk. Your shares will still be yours even if your stock portfolio drops. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, gold provides liquidity. This allows you to sell your gold whenever you want, unlike many other investments. The liquidity of gold makes it a good investment. This allows one to take advantage short-term fluctuations within the gold price.
What amount should I invest in my Roth IRA?
Roth IRAs can be used to save taxes on your retirement funds. These accounts cannot be withdrawn until you turn 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, your principal (the original deposit amount) cannot be touched. This means that you can't take out more money than you originally contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule says that you cannot withdraw your earnings without paying income tax. Also, taxes will be due on any earnings you take. Let's suppose that you contribute $5,000 annually to your Roth IRA. Let's also say that you earn $10,000 per annum after contributing. This would mean that you would have to pay $3,500 in federal income tax. So you would only have $6,500 left. The amount you can withdraw is limited to the original contribution.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. You would also lose half of your earnings because they are subject to another 50% tax (half off 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
There are two types if Roth IRAs, Roth and Traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. A traditional IRA can be withdrawn up to the maximum amount allowed.
A Roth IRA doesn't allow you to deduct your contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. There is no minimum withdrawal amount, unlike traditional IRAs. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
What are the benefits to having a gold IRA
You can save money on retirement by putting your money into an Individual Retirement Account. It's not subject to tax until you withdraw it. You control how much you take each year. There are many types and types of IRAs. Some are better suited for college students. Some are for investors who seek higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. However, once they begin withdrawing funds, these earnings are not taxed again. So if you're planning to retire early, this type of account may make sense.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA, you don't have to worry about paying taxes on your gains while you wait to access them. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another benefit to owning IRA gold is the ability to withdraw automatically. This means that you don't need to worry about making monthly deposits. You could also set up direct debits to never miss a payment.
Finally, gold is one the most secure investment options available. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil, gold prices tend to stay relatively stable. Therefore, gold is often considered a good investment to protect your savings against inflation.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- (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)
- You can only purchase gold bars at least 99.5% purity. (forbes.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
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement account
The growing trend of gold IRAs
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. The gold IRA can be used to protect against inflation or other potential problems.
Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.
The gold IRA also offers many other benefits, such as the ability to quickly transfer the ownership of the gold to heirs, and the fact the IRS doesn't consider gold a currency.
Investors looking for financial security are increasingly turning to the gold IRA.
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