Bitcoin and ethereum have maintained stability on Wednesday, with little change in their recent values. However, solana (SOL) has experienced a notable surge, climbing over 19% against the U.S. dollar. Starting from a low of $52.92, solana reached a peak of $63.32. Despite a minor decrease following its rise, solana still holds a 9% increase. As of November 15, solana boasts the sixth-highest trading volume among all cryptocurrencies.
Solana Rises Sharply Gathering Steam from South Korean Volumes
This week has witnessed a significant surge in the value of SOL, the native digital currency of Solana, a layer one (L1) blockchain network. Over the last seven days, SOL's value has escalated by over 45% against the U.S. dollar.
Over the past month, SOL has shown an even more pronounced increase, with a rise of 167%. On Wednesday, November 15, 2023, SOL demonstrated a dynamic trading range, fluctuating between $52.92 and $63.32 per unit.
This marks a notable 19% increase from the opening price at the beginning of the day's trading activities. Despite SOL's impressive growth, it remains over 75% below its November 2021 peak, which saw values reaching $259 per coin.
During the last 24 hours, SOL has achieved a significant $3.31 billion in 24-hour global trade volume, ranking it as the sixth largest for the day. In terms of market capitalization among over 10,000 cryptocurrency assets, SOL also holds the sixth position.
On Wednesday, the dominant trading pair for solana is USDT, accounting for 59% of all SOL trades. Tether is followed by USD (16.64%), KRW (12.3%), BTC (4.26%), and BUSD (2.18%) as SOL's top trading pairs on November 15.
Currently, a modest 'Kimchi premium' is observed for SOL in South Korea, with prices at $64.34 per unit on Bithumb and $63.61 on Upbit, while the global average stands at $61.80 per SOL as of 12:26 p.m. (EST). At the same time, on Wednesday afternoon, SOL is the top trading pair on Upbit, accounting for 7.65% of the exchange's total trading volume.
What are your thoughts on solana's rise this week and the 19% jump on Wednesday? Share your opinions in the comments section below.
Frequently Asked Questions
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 contributions from both employee and employer. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
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 in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
You can also get an Individual Retirement Annuity, or IRA. An IRA allows for you to make regular income payments during your life. Contributions made to IRAs are not taxable.
Who is entitled to the gold in a IRA that holds gold?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
To find out what options you have, consult an accountant or financial planner.
Can I have physical gold in my IRA
Not just paper money or coins, gold is money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Many Americans today prefer to invest in precious metals, such as silver and gold, over stocks and bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
Gold has historically performed better during financial panics than other assets. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
The best thing about gold investing is the fact that there's virtually no counterparty risk. Your stock portfolio can fall, but you will still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, the liquidity that gold provides is unmatched. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. You can buy gold in small amounts because it is so liquid. This allows for you to benefit from the short-term fluctuations of the gold market.
What is a Precious Metal IRA (IRA)?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These are “precious metals” because they are hard to find, and therefore very valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This ensures that you will receive dividends each and every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. You pay only a small percentage of your gains tax. Plus, you can access your funds whenever you like.
How Does Gold Perform as an Investment?
The supply and demand for gold affect the price of gold. Interest rates also have an impact on the price of gold.
Because of their limited supply, gold prices can fluctuate. There is also a risk in owning gold, as you must store it somewhere.
- 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)
- 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)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Fraud Advisory: Precious Metals Fraud
By: Jamie Redman
Title: Solana (SOL) Surges 19% as Bitcoin and Ethereum Remain Stable
Sourced From: news.bitcoin.com/solana-soars-19-amid-market-consolidation-commands-notable-kimchi-premium-in-south-korea/
Published Date: Wed, 15 Nov 2023 18:30:41 +0000