Outshining Bitcoin: The Altcoins That Soared Beyond 700% in 2023

A Closer Look at the Crypto Data

The dynamic landscape of crypto data in 2023 reveals an impressive surge in bitcoin, with a year-to-date increase of 106%. However, this rise does not secure bitcoin the title of the top performer in this period. Upon closer examination of the metrics since the beginning of the year, it becomes evident that several other cryptocurrencies have surpassed the 700% mark against the U.S. dollar. On the flip side, some digital assets have experienced significant losses, plummeting over 60% in value within the fiscal year's framework.

The Rise of Altcoins

A comprehensive analysis of the last 300 days, starting from January 1, 2023, unveils the volatile performance of various digital currencies against the U.S. dollar. While bitcoin (BTC) has shown a commendable increase of 106%, other tokens like aptos (APT) and chainlink (LINK) have also enjoyed gains surpassing 100%. However, it is important to note that 26 other cryptocurrencies have outperformed bitcoin in terms of gains since the beginning of the calendar year. Notably, bitcoin cash (BCH) has soared by 151%, and maker (MKR) has experienced a staggering climb of 177% year-to-date. The digital currency realm has witnessed five crypto assets that have skyrocketed over 700% against the greenback.

The Top Gainers

Leading the pack is rollbit coin (RLB), boasting an incredible surge of 7,429%. Following closely behind is pendle (PENDLE) with a substantial increase of 1,807%, and injective (INJ) with a spike of 961%. Kaspa (KAS) and tellor (TLB) have also seen significant gains, rising by 898% and 717% respectively. Although tominet (TOMI) did not make it to the top five, it still marked a noteworthy increase of 686% against the U.S. dollar year-to-date.

The Losers

While many cryptocurrencies have experienced significant gains, there are also those that have witnessed a decline against the greenback. Over 50 coins have recorded a downtrend of 8% or more since the beginning of the year. The steepest fall is noted in flare (FLR), which has plummeted by 97.83%. Other notable losses include arbitrum (ARB) with a decrease of 81.75%, sei (SEI) with a drop of 74.86%, terra (LUNA 2.0) shedding 62.43%, and apecoin (APE) losing 62.12%. Pancakeswap (CAKE) finds itself in a precarious position, marking a 61.09% loss and securing the sixth spot in the list of losers year-to-date. Other notable losers over the past 300 days include LUNC, ETHW, HT, and ALGO.

What are your thoughts on the performances of the gainers and losers year-to-date? Share your opinions and insights in the comments section below.

Frequently Asked Questions

What is the benefit of a gold IRA?

The benefits of a gold IRA are many. It can be used to diversify portfolios and is an investment vehicle. You decide how much money you want to put into each account, and when you want it to be withdrawn.

You also have the option to transfer funds from other retirement plans into a IRA. This makes for an easy transition if you decide to retire early.

The best thing is that investing in gold IRAs doesn't require any special skills. They are readily available at most banks and brokerages. Withdrawals can happen automatically, without any fees or penalties.

But there are downsides. Gold is known for being volatile in the past. It's important to understand the reasons you're considering investing in gold. Is it for growth or safety? Is it for security or long-term planning? Only after you have this information will you make 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. One ounce won't be enough to meet all your needs. Depending upon what you plan to do, you could need several ounces.

You don’t necessarily need a lot if you’re looking to sell your gold. Even one ounce is enough. But, those funds will not allow you to buy anything.

Is buying gold a good retirement plan?

Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.

The best form of investing is physical bullion, which is the most widely used. But there are many other options for investing in gold. It's best to thoroughly research all options before you make a decision.

For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. Owning gold stocks should work well if you need cash flow from your investment.

ETFs are an exchange-traded investment that allows you to gain exposure to the market for gold. You hold gold-related securities and not actual gold. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.

How Does Gold Perform as an Investment?

The supply and the demand for gold determine how much gold is worth. It is also affected by interest rates.

Due to the limited supply of gold, prices for gold are highly volatile. There is also a risk in owning gold, as you must store it somewhere.

Statistics

  • If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
  • You can only purchase gold bars at least 99.5% purity. (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)
  • 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)
  • 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)

External Links

bbb.org

irs.gov

wsj.com

cftc.gov

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