Altcoin season, as indicated by the Altcoin Season Index from blockchaincenter.net, has arrived. This index reveals that in the past 90 days, 75% of the top 50 altcoins have outperformed bitcoin.
Altcoins Ascend as Index Points to Season's Entry
In early December 2023, cryptocurrency enthusiasts eagerly awaited the potential onset of altcoin season. Bitcoin.com News reported on this trending topic, referencing blockchaincenter.net's Altcoin Season Index, which scored a 47 out of 100.
At that time, the index indicated that it wasn't yet altcoin season as of December 9, 2023, based on its assessment. However, the current narrative painted by the index tells a different story.
A preserved snapshot from blockchaincenter.net's index on January 14, 2024, clearly declares that "it's altcoin season." The index is now at 76 out of 100, with a score above 75 signaling the arrival of altcoin season.
The last time this level was observed was from the end of August 2022 until the end of September of the same year. According to the index's methodology, when 75% of the top 50 crypto tokens outperform bitcoin (BTC) over a 90-day period, it is officially considered altcoin season.
Altcoin season also occurred from the end of March 2021 to mid-June 2021. During this season, leading assets such as ORDI, SEI, INJ, SOL, ICP, AVAX, IMX, NEAR, and several others outperformed BTC.
ORDI saw a gain of 2,067%, while SEI gained 558.5%, surpassing BTC by a significant margin. In addition to the altcoin season index, ETH's market dominance has recently increased. Currently, on coinmarketcap.com, ethereum (ETH) holds an 18% dominance rating, with bitcoin (BTC) at 49.8%.
On coingecko.com, ETH is at 17.2% and BTC is at 47.5%. The altcoin season's flash signal is a trending topic on social media, marking the first time in a while that the index has indicated such a trend.
Now, the burning questions are: how long will this altcoin season last, and will bitcoin's ascent pause or take a backseat amidst significant altcoin market fluctuations? Alternatively, this altcoin season could quickly fizzle out and fail to meet expectations.
What are your thoughts on the Altcoin Season Index reaching a score of 76 out of 100? Share your opinions in the comments section below.
Frequently Asked Questions
What are the pros & con's of a golden IRA?
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don't have to pay taxes on any interest earned. This makes an IRA a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. However, there are also disadvantages to this type of investment.
You could lose all of your accumulated money if you take out too much from your IRA. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. A penalty fee will be charged if you decide to withdraw funds.
The downside is that managing your IRA requires fees. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management charges ranging anywhere from $10 to $50.
Insurance is necessary if you wish to keep your money safe from the banks. In order to make a claim, most insurers will require that you have a minimum amount in gold. Insurance that covers losses upto $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers limit the number of ounces of gold that you can own. Others let you choose your weight.
You will also have to decide whether to purchase futures or physical gold. The price of physical gold is higher than that of gold futures. However, futures contracts give you flexibility when buying gold. They allow you to set up a contract with a specific expiration date.
You will also have to decide which type of insurance coverage is best for you. The standard policy does NOT include theft protection and loss due to fire or flood. The policy does not cover natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
In addition to insurance, you'll need to consider the cost of storing your gold. Storage costs are not covered by insurance. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
A qualified custodian is required to help you open a Gold IRA. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians don't have the right to sell assets. Instead, they must retain them for as long and as you require.
After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. Your monthly investment goal should be stated.
After filling out the forms, you'll need to send them to your chosen provider along with a check for a small deposit. After reviewing your application, the company will send you a confirmation mail.
When opening a gold IRA, you should consider using a financial planner. Financial planners are experts at investing and can help you determine which type of IRA is best for you. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
Is it a good idea to open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. You cannot recover any money you have invested. This includes investments that have been damaged by fire, flooding, theft, and so on.
You can protect yourself against such losses by purchasing physical gold and silver coins. These coins have been around for thousands and represent a real asset that can never be lost. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
Do not open an account unless you're ready to retire. Remember the future.
Is the government allowed to take your gold
You own your gold and therefore the government cannot seize it. It's yours, and you earned it by working hard. It belongs to your. There may be exceptions to this rule. Your gold could be taken away if your crime was fraud against federal government. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
Statistics
- (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)
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not legal – WSJ
investopedia.com
finance.yahoo.com
irs.gov
How To
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. You should start as soon as you are eligible (usually at age 50) and continue saving throughout your career. It's vital to contribute enough money each year to ensure adequate growth on an ongoing basis.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. This makes them great options for people who don't have access to employer matching funds.
It is important to save consistently over time. If you don't contribute the maximum amount, you will miss any tax benefits.
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By: Jamie Redman
Title: Altcoin Season Index Signals Arrival — Top Tokens Eclipse Bitcoin’s Market Performance
Sourced From: news.bitcoin.com/altcoin-season-index-signals-arrival-top-tokens-eclipse-bitcoins-market-performance/
Published Date: Sun, 14 Jan 2024 22:30:44 +0000
