During the first week of 2024, the digital currency Solana witnessed a significant decline, with its value dropping by over 6%. This downturn has caused Solana to fall to the fifth position in terms of market rank, as its value hovers below the $100 mark on Saturday, January 6, 2024.
2024 Brings a Cool-Off Period for Solana's Market Performance
After experiencing a surge of over 700% in 2023, Solana (SOL) has entered a period of cooling off. In the past week, SOL saw a slight decrease of more than 6%, but it still maintains a 46% increase against the U.S. dollar compared to the previous month.
As of January 6, 2024, the intraday value of SOL fluctuated between a high of nearly $100 and a low of $92.23, trading at $96.75 per unit at 12:51 p.m. Eastern Time. Notably, SOL holds significant influence in the South Korean market, trading at $99 on Upbit and $98.81 on Bithumb, surpassing the global average of $96 per unit as reported on aggregate market sites.
Tether (USDT) serves as SOL's primary pair, accounting for over 67% of all Solana trades, followed by the U.S. dollar and the Korean won, contributing 14% and 8% of SOL's trade volume, respectively, according to data from cryptocompare.com.
Behind them, BTC and the stablecoin FDUSD represent 3.35% and 2.68% of SOL's trading activity. Currently, Solana ranks fifth in terms of global trade volume, reaching $2.287 billion in the last 24 hours, although this figure has decreased by over 30% from the previous day.
SOL's market capitalization stands at $41.30 billion, accounting for 2.387% of the total $1.73 trillion crypto market value. Despite a remarkable 621% rise over the past year, SOL still lags more than 63% below its peak of $259 per unit on November 6, 2021.
As the crypto asset navigates the volatile market, its future trajectory remains uncertain, leaving investors wondering if it will continue to be a leading performer in 2024.
What are your thoughts on Solana's market performance this week? Share your opinions in the comments section below.
Frequently Asked Questions
What Precious Metals Can You Invest in for Retirement?
Gold and silver are the best precious metal investments. Both are easy to sell and can be bought easily. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: Gold is one of man’s oldest forms of currency. It’s stable and safe. It’s a great way to protect wealth in times of uncertainty.
Silver: Silver has always been popular among investors. This is a great choice for people who want to avoid volatility. Silver, unlike gold, tends not to go down but up.
Platinium: Another form of precious metal is platinum, which is becoming more popular. Like gold and silver, it’s very durable and resistant to corrosion. It is however more expensive than its counterparts.
Rhodium – Rhodium is used to make catalytic conversions. It’s also used in jewelry making. It is also very affordable in comparison to other types.
Palladium – Palladium is an alternative to platinum that’s more common but less scarce. It’s also much more affordable. It’s a popular choice for investors who want to add precious metals into their portfolios.
How much money should my Roth IRA be funded?
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. You can’t withdraw money from these accounts before you reach the age of 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, you cannot touch your principal (the original amount deposited). You cannot withdraw more than the original amount you contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
You cannot withhold your earnings from income taxes. Also, taxes will be due on any earnings you take. Let’s assume that you contribute $5,000 each year to your Roth IRA. In addition, let’s assume you earn $10,000 per year after contributing. This would mean that you would have to pay $3,500 in federal income tax. That leaves you with only $6,500 left. You can only take out what you originally contributed.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. In addition, 50% of your earnings will be subject to tax again (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
There are two types: Roth IRAs that are traditional and Roth. Traditional IRAs allow for pre-tax deductions from your taxable earnings. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. There are no restrictions on the amount you can withdraw from a Traditional IRA.
Roth IRAs don’t allow you deduct contributions. But once you’ve retired, you can withdraw the entire contribution amount plus any accrued interest. There is no minimum withdrawal required, unlike a traditional IRA. It doesn’t matter if you are 70 1/2 or older before you withdraw your contribution.
What is the benefit of a gold IRA?
There are many benefits to a gold IRA. It’s an investment vehicle that allows you to diversify your portfolio. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You can also rollover funds from other retirement accounts to a gold IRA. If you are planning to retire early, this makes it easy to transition.
The best part? You don’t need to have any special skills to invest into gold IRAs. They are offered by most banks and brokerage companies. You don’t have to worry about penalties or fees when withdrawing money.
But there are downsides. Gold has always been volatile. Understanding why you invest in gold is crucial. Are you seeking safety or growth? Is it for insurance purposes or a long-term strategy? Only by knowing the answer, you will be able to make an informed choice.
If you plan to keep your gold IRA indefinitely, you’ll probably want to consider buying more than one ounce of gold. One ounce won’t be enough to meet all your needs. Depending on the purpose of your gold, you might need more than one ounce.
A small amount is sufficient if you plan to sell your gold. You can even get by with less than one ounce. However, you will not be able buy any other items with those funds.
How Does Gold Perform as an Investment?
The supply and the demand for gold determine how much gold is worth. Interest rates are also a factor.
Due to their limited supply, gold prices fluctuate. You must also store physical gold somewhere to avoid the risk of it becoming stale.
Is it possible to hold a gold ETF within a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
A traditional IRA allows for contributions from both employer and employee. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. 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. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs can be made without tax.
Statistics
- 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)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
investopedia.com
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1991 – WSJ
- You want to keep gold in your IRA at home? It’s Not Exactly Legal – WSJ
