Cardano and Avalanche have emerged as the top performers among the top 20 cryptocurrencies in terms of market capitalization. Over the past week, these two crypto assets have experienced significant gains, with Avalanche surging by 48.7% and Cardano increasing by 50.4% against the U.S. dollar.
Top Performers of the Week: Cardano and Avalanche Record Substantial Rises
Currently, there are 11,380 crypto assets listed on 940 crypto exchanges, collectively valued at $1.71 trillion. While Bitcoin (BTC) rose by 10.2% and Ethereum (ETH) saw an 8.3% increase 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.
Cardano (ADA) has witnessed a remarkable surge of 50.4%, reaching a high of 63 cents on December 9, 2023. In the past month, ADA has climbed by 60.4%, and over the past year, it has seen an impressive increase of 89.1% against the dollar. With a market capitalization of approximately $20.75 billion, Cardano currently holds the ninth position among the top ten cryptocurrencies.
In the last 24 hours, ADA has recorded a trading volume of $1.39 billion. Although ADA has experienced an 89.1% increase in value throughout the year, it is still down by more than 80% from its all-time high. On September 2, 2021, ADA reached a price of $3.09 per coin, whereas it is currently trading at 59 cents per unit. Comparatively, Cardano has witnessed an extraordinary growth of 2,964% since its price of about 1.9 cents three years ago.
Avalanche (AVAX), on the other hand, has surged by 48.7% against the dollar this week, securing its position as the 11th largest crypto asset with a market capitalization of $12 billion. Although it has dipped from its recent high of $33.98 on December 9, 2023, AVAX is currently trading at $33.15 per unit. Notably, Avalanche has experienced significantly larger gains than ADA over a 30-day period, with a staggering jump of 149%.
Over the past year, AVAX has witnessed a rise of 146.5% against the dollar. However, it is important to note that AVAX is still down by more than 77% from its all-time high price recorded on November 21, 2021, when it was trading at $144.96 per unit. Nevertheless, AVAX has shown an impressive growth of 1,067% from its all-time low of $2.80 on December 31, 2020. In the last 24 hours, Avalanche has seen a global trading volume of approximately $1.13 billion.
What are your thoughts on the significant gains achieved by ADA and AVAX? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
What precious metals may I allow in my IRA?
The most common precious metal used for IRA accounts is gold. Investments in gold bullion coins or bars can be made as well.
Precious and precious metals are considered safe investments, as they don’t lose their value over the course of time. They are also an excellent way to diversify your investment portfolio.
Precious metallics include platinum, silver and palladium. These three metals have similar properties. Each metal has its own unique uses.
For instance, platinum can be used in jewelry manufacturing. You can create catalysts with palladium. The production of coins is done with silver.
Consider how much you plan to spend on gold when deciding on which precious metal to buy. It may be more cost-effective to purchase gold at lower prices per ounce.
You need to decide if you want your investment to remain private. If you have the desire to keep your investment private, palladium might be the best choice.
Palladium is more valuable than gold. It is also more rare. It's likely that you will have to pay more.
When choosing between gold or silver, another important aspect is the storage fees. Gold is measured by weight. If you have larger amounts of gold to store, you will be charged more.
Silver is stored according to its volume. You'll be charged less for smaller amounts.
Follow all IRS rules regarding silver and gold if you are storing precious metals within an IRA. This includes keeping records of transactions and reporting them back to the IRS.
Can I have gold in my IRA.
Yes, it is possible! You can include gold in your retirement plan. Because it doesn’t lose value over the years, gold makes a good investment. It also protects you against inflation. And you don't have to pay taxes on it either.
Before you invest in gold, make sure to understand its differences from other investments. You cannot purchase shares of gold companies like bonds and stocks. You cannot also sell them.
You must instead convert your gold into cash. This means that you'll have to get rid of it. It's not enough to hold on to it.
This is what makes gold unique from other investments. Similar to other investments, gold can be sold at any time. But that's not the case with gold.
The worst part is that you cannot use your gold to secure loans. For example, if you take out a mortgage, you may give up some of your gold to cover the loan.
So what does this mean? You can't keep your gold indefinitely. You will have to sell it at some point.
There's no need to be concerned about this right now. To open an IRA, all you need is to create one. You can then invest in gold.
What is the difference between a gold and silver IRA?
An IRA that is gold or silver allows you the opportunity to invest in precious metals without paying tax on any gains. This makes them an attractive investment for people who want to diversify their portfolios.
If you are older than 59 1/2, interest earned from these account does not attract income tax. On any appreciation in value of the account, you don't have to pay capital gain tax. The maximum amount that you can invest in this type of account is $10,000. The minimum amount that you can invest is $10,000. You cannot invest at all if you are under age 59 1/2. The maximum annual contribution is $5,500.
Your beneficiaries could receive less if you die before your retirement. After you have paid all your expenses, your estate should include sufficient assets to cover the balance of your account.
Some banks offer a gold or silver IRA option, while others require that you open a regular brokerage account where you can buy certificates or shares.
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to open a Precious Metal IRA
Precious metals are a highly sought-after investment vehicle. Because they offer higher returns than traditional investments such as stocks and bonds, they are very popular. However, you need to be careful when investing in precious materials. Here are the basics to help you open your precious metal IRA account.
There are two main types of precious metal accounts: physical precious metals accounts and paper gold and silver certificates (GSCs). Each type has its pros and cons. GSCs and physical precious metals accounts can offer diversification, but they are difficult to trade and easy to access. To learn more about these options, keep reading below.
Physical precious metals accounts can be used to hold bullion, coins and bars. Although this option can provide diversification benefits, there are some drawbacks. For instance, the costs associated with buying, storing, and selling precious physical metals are quite expensive. Due to their size, it can be difficult for them to be transported from one place to another.
However, paper silver and gold certificates are relatively cheap. They can also be traded online and are easily accessible. They are ideal for those who don't wish to invest in precious metals. They aren’t as diversifiable as their physical counterparts. Also, since they're backed by government agencies such as the U.S. Mint, the value of these assets could decrease if inflation rates rise.
Make sure you choose the right account to suit your financial situation when opening a precious Metal IRA. Consider the following:
- Your risk tolerance level
- Your preferred asset allocation strategy
- How much time are you willing to put in?
- You can decide whether or not to use the funds for trading purposes.
- What type of tax treatment do YOU prefer?
- Which precious metal(s), you would like to invest in
- How liquid do you need your portfolio to be
- Your retirement age
- Where to store precious metals
- Your income level
- Your current savings rate
- Your future goals
- Your net worth
- Consider any special circumstances that could affect your decision
- Your overall financial situation
- Your preference between paper and physical assets
- Your willingness to take risks
- Your ability to handle losses
- Your budget constraints
- Financial independence is what you want
- Your investment experience
- Your familiarity and knowledge of precious metals
- Your knowledge of precious metals
- Your confidence in the economy
- Your personal preferences
Once you've determined which type of precious metal IRA best suits your needs, you can proceed to open an account with a reputable dealer. These dealers can be found via referrals, word-of-mouth, and online research.
Once you've opened your precious metal IRA, you'll need to determine how much money you want to put into it. There are different minimum deposits for precious metal IRA accounts. Some accounts will only accept $100, others will allow for you to invest as high as $50,000.
You can invest as much or as little money in your precious metal IRA as you like. A higher initial deposit will help you build wealth over a prolonged period. You might prefer a lower initial deposit if you intend to invest smaller amounts every month.
As far as the actual precious metals used in your IRA go, you can purchase any number of different types of investments. The most popular are:
- Bullion bars, coins, and rounds in gold
- Silver – Rounds and coins
- Platinum – Coins
- Palladium Round and Bar Forms
- Mercury – Round and Bar Forms
By: Jamie Redman
Title: Cardano and Avalanche Soar, Outperforming Top 20 Cryptos in Weekly Surge
Sourced From: news.bitcoin.com/cardano-and-avalanche-soar-outperforming-top-20-cryptos-in-weekly-surge/
Published Date: Sun, 10 Dec 2023 16:30:12 +0000