Memecoin Leads the Way with Impressive Gains
While the overall cryptocurrency market has been relatively stable, some digital currencies have experienced significant movements. On Monday, memecoin (MEME) stole the spotlight with a remarkable surge of 44.28% against the U.S. dollar. This gain made MEME the top performer of the day, capturing the attention of investors and enthusiasts alike.
Other Notable Winners in the Market
Celestia (TIA) and zrx (0X) were also among the cryptocurrencies that enjoyed substantial gains during the early trading hours. TIA surged by 29.25% against the greenback, while 0X rose by 19.36%. Worldcoin (WLD) also joined the winners' list with a respectable gain of 18.81%.
Filecoin (FIL) and osmosis (OSMO) also made headlines on Monday, rising by 14.96% and 12.5% respectively. KUJI, YFI, FLOKI, and SNT were among the other notable gainers of the day.
ARK and RLB Experience Significant Losses
Unfortunately, not all cryptocurrencies had a positive day in the market. ARK suffered a significant setback, with a decline of 17.5% against the U.S. dollar. Similarly, rollbit (RLB) experienced a slump of 12.03%. These two digital assets were the biggest losers of the day.
Other Decliners in the Market
Joining the losing front were Crypto.com's cronos (CRO) and telcoin (TEL), which dipped by 10.66% and 8.94% respectively. Astar (ASTR) and vulcan forged (PYR) also experienced declines, falling by 7.23% and 7.02% respectively. In total, 32 coins saw a downward trend, each experiencing a dip of 1.5% or more over the last 24 hours.
Trading Volume and Market Share
The stablecoin tether (USDT) dominated the trading volume on Monday, accounting for $33.2 billion of the day's total trade volume of $64.04 billion. Bitcoin (BTC) followed closely with a trading volume of $13.98 billion. Currently, bitcoin holds a 49.4% share of the overall cryptocurrency market's valuation of $1.4 trillion, while ethereum (ETH) holds 16.9%.
Share Your Thoughts
What are your thoughts on the gainers and losers in the crypto market on Monday? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
What precious metals do you have that you can invest in for your retirement?
The best precious metal investments are gold and silver. They are both simple to purchase and sell, and they have been around for a long time. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: The oldest form of currency known to man is gold. It is stable and very secure. It is a good way for wealth preservation during uncertain times.
Silver: Silver has been a favorite among investors for years. It is an excellent choice for investors who wish to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It is very durable and resistant against corrosion, much like silver and gold. It is however more expensive than its counterparts.
Rhodium: Rhodium is used in catalytic converters. It's also used in jewelry making. It is relatively affordable when compared to other types.
Palladium: Palladium has a similarity to platinum but is more rare. It's also less expensive. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
What is the Performance of Gold as an Investment?
Supply and demand determine the gold price. It is also affected by interest rates.
Due to limited supplies, gold prices are subject to volatility. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
Is gold a good choice for an investment IRA?
For anyone who wants to save some money, gold can be a good investment. You can also diversify your portfolio by investing in gold. But gold is not all that it seems.
It has been used throughout the history of currency and remains a popular payment method. It is often called “the oldest currency in the world.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. It is very valuable, as it is rare and hard to create.
The supply and demand factors determine how much gold is worth. When the economy is strong, people tend to spend more money, which means fewer people mine gold. This results in gold prices rising.
On the other hand, people will save cash when the economy slows and not spend it. This leads to more gold being produced which decreases its value.
This is why investing in gold makes sense for individuals and businesses. If you invest in gold, you'll benefit whenever the economy grows.
You'll also earn interest on your investments, which helps you grow your wealth. If gold's value falls, you don't have to lose any of your investments.
What does a gold IRA look like?
You can purchase gold bullion coins in physical form at any moment. You don't have a retirement date to invest in gold.
You can keep gold in an IRA forever. Your gold holdings won't be subject to taxes when you pass away.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. You don't need to include your gold in your final estate report, as it isn't part of the estate.
First, an individual retirement account will be set up to allow you to open a golden IRA. Once you've done that, you'll receive an IRA custody. This company acts as an intermediary between you and IRS.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual reporting.
After you have established your gold IRA you will be able purchase gold bullion coin. The minimum deposit required for gold bullion coins purchase is $1,000 If you make more, however, you will get a higher interest rate.
You'll have to pay taxes if you take your gold out of your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. Otherwise, you'll face steep financial consequences.
What is the benefit of a gold IRA?
A gold IRA has many benefits. It can be used to diversify portfolios and is an investment vehicle. You control how much money goes into each account and when it's withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. This allows you to easily transition if your retirement is early.
The best part is that you don't need special skills to invest in gold IRAs. These IRAs are available at all banks and brokerage houses. You don't have to worry about penalties or fees when withdrawing money.
But there are downsides. Gold is historically volatile. So it's essential to understand why you're investing in gold. Are you seeking safety or growth? Is it for insurance purposes or a long-term strategy? Only when you are clear about the facts will you be able take an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. You won't need to buy more than one ounce of gold to cover all your needs. Depending upon what you plan to do, you could need several ounces.
If you're planning to sell off your gold, you don't necessarily need a large amount. You can even get by with less than one ounce. However, you will not be able buy any other items with those funds.
Is physical gold allowed in an IRA.
Not only is gold paper currency, but it's also money. It's an asset that people have used for thousands of years as a store of value, a way to keep wealth safe from inflation and economic uncertainty. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Many Americans now invest in precious metals. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Gold is one of the few assets that has virtually no counterparty risks. Even if your stock portfolio is down, your shares are still yours. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows for you to benefit from the short-term fluctuations of the gold market.
How much should you have of gold in your portfolio
The amount that you want to invest will dictate how much money it takes. A small investment of $5k-10k would be a great option if you are looking to start small. As you grow, you can move into an office and rent out desks. Renting out desks and other equipment is a great way to save money on rent. You only pay one month.
Consider what type of business your company will be running. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.
If you are doing freelance work, you probably won't have a monthly salary like I do because the project pays freelancers. You might get paid only once every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k-$2k in gold and working my way up.
- 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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads and Example. Risk Metrics
3 Ways To Invest in Gold For Retirement
It's important to understand how gold fits in with your retirement plan. You have many options for investing in gold if there is a 401K account at your workplace. It is also possible to invest in gold from outside of your work environment. A custodial account can be opened by a brokerage firm like Fidelity Investments if you already have an IRA. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, deposit cash into 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. It's easier to sell physical gold coins rather than certificates. You don't have to store physical gold coins.
- Diversify your Portfolio. In other words, spread your wealth around by investing in different assets. This helps to reduce risk and provides more flexibility when markets are volatile.
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