Solana (SOL) experienced a significant surge, reaching a near one-year high at the start of the week. The cryptocurrency surpassed the $35.00 level, marking a notable gain in the market. After hitting a low of $32.29 on Sunday, SOL/USD climbed to an intraday high of $35.17.
This surge takes Solana to its highest level since November 6 of the previous year, when its price was trading above $37.00. Despite being one of the tokens affected by the FTX fraud scandal, Solana has shown steady gains since then.
The relative strength index (RSI) played a role in today's surge, rallying above a ceiling at 74.00 and currently sitting at 77.33. As of now, SOL remains above $35.00, but it is possible that bulls may start taking profits in the coming days.
Avalanche (AVAX) also experienced a notable increase, surging by 5% today. AVAX/USD reached its peak at $11.60 on Monday, shortly after falling to a bottom at $10.92 within the past 24 hours.
With this surge, Avalanche has reached its strongest point since October 7, surpassing a ceiling at $11.70. Currently, AVAX is at $11.57, and the RSI hit a ceiling at 70.00. Price strength is currently hovering at 69.40, but bulls are likely to aim for a break above this mark and push for a move above 70.00 in the coming days.
What are your thoughts on Avalanche's potential to reach $12.00 in November? Share your opinions in the comments.
Frequently Asked Questions
Are precious metal IRAs a good investment?
How much risk you are willing to take for an IRA account's value loss will determine the answer. They make sense if you have $10,000 in cash as long as you don't expect them to grow very quickly. They may not be the best investment option for you if your goal is to save money over many decades and to invest in assets with a high likelihood of increasing in value (gold). They also involve fees which could eat into any gains.
How can you withdraw from a Precious metal IRA?
You may consider withdrawing your funds if you have an account with a precious metal IRA company such as Goldco International Inc. This will ensure that your metals are worth more than if they were in an account with a precious metal IRA company like Goldco International Inc.
Here's how to withdraw your precious metal IRA money.
First, find out whether your precious metal IRA provider allows withdrawals. Some companies will allow withdrawals, while others won't.
Second, find out if you are eligible for tax-deferred gains from selling your metals. Most IRA providers offer this benefit. But, not all IRA providers offer this benefit.
To find out if fees apply, thirdly check with your precious-metal IRA provider. Extra fees may apply for withdrawals.
Fourth, ensure that you keep track your precious metal IRA investment for at least 3 years after selling them. To put it another way, you should wait until January 1st every year to calculate capital gains from your investment portfolio. Follow the instructions on Form 8949 to calculate the gain.
The IRS requires that you report your sale of precious metals. This ensures you pay tax on any profits from your sales.
Before selling precious metals, it is a good idea to consult an attorney or trusted accountant. They can help you avoid costly mistakes and ensure you comply with all regulations.
Is it a good idea to open a Precious Metal IRA
The answer depends on whether you have an investment goal and how much risk tolerance you are willing to take.
You should start an account if you intend to retire with the money.
Precious metals will appreciate over time. They also offer diversification benefits.
Additionally, silver and Gold prices tends to move together. They make a good choice for both assets and are a better investment.
Do not invest in precious metals IRAs if your goal is to save money or take on any risk.
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
How to transfer your IRA into a gold IRA
Do you want to change your retirement savings away from a traditional IRA and into a golden IRA? Well, this article will help you do just that. Here's how to make the switch.
“Rolling over” refers to the act of transferring money into an alternative type of IRA (traditional), or vice versa (gold). Rolling over an account offers tax advantages. In addition, some people prefer investing in physical assets like precious metals.
There are two types IRAs: Traditional IRAs or Roth IRAs. The difference is simple. Traditional IRAs allow investors the ability to deduct taxes whenever they withdraw their earnings. Roth IRAs are not. This means that if a Traditional IRA is invested $5,000 today, it will be able to withdraw $4,850 over five years. However, if you put the same amount into a Roth IRA you would be able keep every penny.
If you are looking to convert your traditional IRA into a gold IRA, here's what to know.
First, you will need to decide whether your current balance should be transferred to a new account. If you transfer money, income tax will apply to any earnings exceeding $10,000. You can rollover your IRA to avoid paying income tax until you are 59 1/2.
Once you have decided to open a new bank account, You may be asked for proof of identity (e.g., a Social Security or passport card, birth certificate, etc.). Once you are done, you will fill out paperwork proving ownership of your IRA. Once you have completed all the forms, you will submit them to bank. After verifying your identity, they will give you instructions about where to send wire transfers or checks.
This is the fun part. Once your IRS approves your request, you'll deposit cash in your new account. Once you have received approval, you will receive a letter that allows you to withdraw funds.
That's it! Now all you have to do is sit back and watch the money grow. And remember, if you ever change your mind about converting your IRA, you can always close it out and roll over the remaining balance into a new IRA.
By: Eliman Dambell
Title: Solana (SOL) and Avalanche (AVAX) Surge as Crypto Market Cap Rallies
Sourced From: news.bitcoin.com/biggest-movers-sol-hits-near-1-year-high-gaining-9-on-monday/
Published Date: Mon, 30 Oct 2023 16:00:06 +0000