Memecoin Rallies Sharply as ARK Tumbles
The cryptocurrency market, currently valued at $1.4 trillion, has been relatively stable with bitcoin and ethereum trading sideways. However, amidst this stability, some virtual currencies have experienced significant gains and losses. Memecoin (MEME) emerged as the top gainer, surging by 44.28% on Monday. On the other hand, ARK faced a setback, declining by 17.5% against the U.S. dollar in the past 24 hours.
Double-Digit Spikes for Several Cryptocurrencies
Monday started with nine cryptocurrencies displaying impressive double-digit gains during early trading. Memecoin (MEME) led the pack with a 44.28% increase against the dollar. Celestia (TIA) also made significant strides, surging by 29.25% within the same timeframe. Other notable gainers included zrx (0X) and worldcoin (WLD), rising by 19.36% and 18.81%, respectively.
Global Trading Volume and Top Performers
The cumulative global trading volume for the day has reached $64.04 billion, spread across 929 trading platforms and over 10,000 virtual currencies. Notable gainers apart from Memecoin (MEME) were filecoin (FIL) with a 14.96% increase and osmosis (OSMO) appreciating by 12.5% in the past day. KUJI, YFI, FLOKI, and SNT also experienced significant gains.
Top Losers: ARK and Rollbit
ARK registered the biggest decline on Monday, sliding by 17.5% over a 24-hour period. Rollbit (RLB) followed closely behind with a 12.03% dip against the U.S. dollar. Other cryptocurrencies experiencing losses included Crypto.com's cronos (CRO) with a 10.66% decrease and telcoin (TEL) receding by 8.94%. Astar (ASTR) declined by 7.23%, while vulcan forged (PYR) fell by 7.02%. In total, 32 coins saw a downward trend of 1.5% or more in the past 24 hours.
Trading Volume Leaders
The stablecoin tether (USDT) dominated trading volume on Monday, followed by bitcoin (BTC), ethereum (ETH), usd coin (USDC), and solana (SOL). USDT accounted for $33.2 billion of the total trade volume of $64.04 billion, while BTC represented $13.98 billion. Currently, bitcoin holds a 49.4% share of the cryptocurrency market's $1.4 trillion value, with ethereum at 16.9%.
In conclusion, the crypto market witnessed a mix of gains and losses on Monday. Memecoin (MEME) emerged as the top performer, while ARK faced a significant decline. The market continues to be dynamic, with various cryptocurrencies experiencing fluctuations in value. Share your thoughts and opinions on Monday's market performance in the comments section below.
Frequently Asked Questions
Can I buy Gold with my Self-Directed IRA?
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts can be described as financial instruments that are determined by the gold price. They allow you to speculate on future prices without owning the metal itself. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
Is it possible to hold a gold ETF within a Roth IRA
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
An IRA traditional allows both employees and employers to contribute. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
Also available is an Individual Retirement Annuity. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions to IRAs don't have to be taxable
How much of your portfolio should you hold in precious metals
This question can only be answered if we first know what precious metals are. Precious metals are those elements that have an extremely high value relative to other commodities. This makes them extremely valuable for trading and investing. Gold is by far the most common precious metal traded today.
But, there are other types of precious metals available, including platinum and silver. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It also remains relatively unaffected by inflation and deflation.
In general, prices for precious metals tend increase with the overall marketplace. However, they may not always move in synchrony 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 expect lower interest rate, making bonds less appealing investments.
In contrast, when the economy is strong, the opposite effect occurs. Investors choose safe assets such Treasury Bonds over precious metals. They become less expensive and have a lower value because they are limited.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
Is gold a good investment IRA?
Gold is an excellent investment for any person who wants to save money. You can diversify your portfolio with gold. There's more to gold that meets the eye.
It's been used as a form of payment throughout history. It's sometimes called “the world's oldest money”.
But gold, unlike paper currency, which is created by governments, is mined out from the ground. It's hard to find and very rare, making it extremely valuable.
The price of gold fluctuates based on supply and demand. When the economy is strong, people tend to spend more money, which means fewer people mine gold. As a result, the value of gold goes up.
On the flip side, people save cash for emergencies and don't spend it. This causes more gold to be produced, which lowers its value.
This is why both individuals as well as businesses can benefit from investing in gold. You will benefit from economic growth if you invest in gold.
In addition to earning interest on your investments, this will allow you to grow your wealth. Additionally, you won't lose cash if the gold price falls.
What are some of the advantages and disadvantages to a gold IRA
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. However, there are disadvantages to this type investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.
Another disadvantage is that you must pay fees to manage your IRA. Many banks charge between 0.5%-2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.
Insurance is necessary if you wish to keep your money safe from the banks. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. You might be required to buy insurance that covers losses up to $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 allow you the freedom to choose your own weight.
It's also important to decide whether or not to buy gold futures contracts. Gold futures contracts are more expensive than physical gold. Futures contracts offer flexibility for buying gold. You can set up futures contracts with a fixed 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. It does include coverage for damage due to natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
You should also consider the cost of storage for your gold. Insurance doesn't cover storage costs. Safekeeping costs can be as high as $25-40 per month at most banks.
If you decide to open a gold IRA, you must first contact a qualified custodian. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians are not allowed to sell your assets. Instead, they must hold them as long as you request.
After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. You should also specify how much you want to invest each month.
You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. After receiving your application, the company will review it and mail you a confirmation letter.
You should consult a financial planner before opening a Gold IRA. A financial planner is an expert in investing and can help you choose the right type of IRA for you. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- 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 90 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
- Fraud Advisory: Precious Metals Fraud
By: Jamie Redman
Title: Crypto Market Update: Memecoin Soars While ARK Declines
Sourced From: news.bitcoin.com/cryptos-24-hour-score-gainers-like-memecoin-triumph-with-double-digits-ark-amongst-top-losers/
Published Date: Mon, 13 Nov 2023 15:30:42 +0000