Bitcoin's Monthly Rise Outpaced by Altcoins
Bitcoin has experienced a 23% surge in value against the U.S. dollar over the past month. However, this increase has been overshadowed by the substantial gains seen in a wide range of altcoins. The rise of these smaller market cap coins has led to discussions on social media platforms, with many proclaiming the arrival of the highly anticipated "Alt Season." Furthermore, there has been a noticeable uptick in search terms such as "altcoins" and "Alt Season" on Google Trends, indicating a growing public interest in this phenomenon.
Growing Interest Reflected in Social Media Discussions and Google Trends
Social media platforms, particularly X (previously known as Twitter), have become a hub of discussions surrounding "Alt Season" and altcoins. Altcoins refer to any cryptocurrency other than bitcoin (BTC), with popular examples including ethereum (ETH), solana (SOL), and cardano (ADA).
Enthusiasts have been urging their followers to invest in altcoins, leading to a surge in online chatter about these digital assets. One user on X, identified as Alex Wacy, stated, "2024 has the potential to have a full-blown altseason. But to get the most out of it, you need to make decisions now."
Similar sentiments can be found across various social media platforms, including X, Facebook, and the r/cryptocurrency subreddit. During an "Alt Season," the total market capitalization of cryptocurrencies typically experiences a significant increase due to substantial investments in altcoins.
The most notable altcoin season occurred in early 2021, characterized by staggering price jumps of 10x to 100x in altcoins like dogecoin (DOGE) and solana (SOL) within a short period. The growing fascination with altcoins and "Alt Season" is also evident in Google Trends data.
Rising Interest in Altcoins on Google Trends
In the past 90 days, the search query "altcoins" has consistently risen, starting with a score of 38 on November 5 and reaching 89 by November 15. It has since stabilized around 71. The term "Alt Season" has shown volatility since November 4, fluctuating between 17 and 73 over the past 17 days.
According to Google Trends, the highest interest in "altcoins" comes from Bulgaria, Puerto Rico, St. Helena, Cyprus, and Estonia. On the other hand, "Alt Season" searches are predominantly from Pakistan, India, Turkey, Bangladesh, and Norway. Despite this increasing trend on Google, Blockchain Center's Altcoin Season Index tells a different story.
Contrasting Narrative from Blockchain Center's Altcoin Season Index
According to Blockchain Center's criteria, if 75% of the top 50 coins outperform bitcoin over the last season (90 days), it is considered Altcoin Season. Currently, the index suggests that Altcoin Season has not yet arrived, although it approached the threshold at the end of September and is now closer to it with a score of 39.
What are your thoughts on the notion that "Alt Season" is imminent? Do you agree? Share your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
What are the pros & con's of a golden IRA?
If you want to diversify your holdings but aren't able to access traditional banks services, a gold IRA is a great option. It allows you invest in precious metals like platinum, silver, and gold without any taxes, until they're withdrawn.
There is a downside to this: if you withdraw your earnings early, you'll be subject to normal income tax. The funds are not located in the country and can be easily seized by creditors if your loan defaults.
A gold IRA could be the best option for you if your goal is to have gold that you can own without worrying about taxes.
Does a gold IRA earn interest?
It all depends on how much you invest in it. If you have $100,000 then yes. If your net worth is less than 100,000, no.
The amount of money that you put into an IRA is what determines whether it earns or not interest.
If you are putting in more than $100,000 annually for retirement savings, you should open a regular brokerage account.
Although you'll likely earn higher interest, there are greater risks. If the stock market crashes you don't wish to lose your entire investment.
An IRA is better if you have $100,000 to invest per year. At least until the market recovers.
Is gold IRAs a good way to invest?
The best way to invest in gold is by buying shares in companies that mine for it. To make money in investing in gold or other precious metals, such as silver, you should purchase shares in these companies.
Two drawbacks exist when you own shares directly.
First, you can lose money by holding onto your stock for too long. Stocks that fall are less than their underlying asset (like silver) and can end up losing more money. This means that you might end up losing more money than you make.
You may also miss potential profits if the market recovers before you sell. It is possible to wait until the market recovers before selling your gold.
However, if you want to separate your investments from your financial affairs, physical gold can still be a great investment option. An IRA in gold can diversify your portfolio and protect you against inflation.
You can learn more about gold investing by visiting our website.
Are gold- and silver-IRAs a good idea.
If you are looking for an easy way to invest in both gold and silver at once, then this could be an excellent option for you. There are other options as well. We are happy to answer any questions you may have about these types of investments. We're always happy to help!
Statistics
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
External Links
regalassets.com
takemetothesite.com
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
wsj.com
How To
How to Buy Gold for Your Gold IRA
Precious metal is a term used to describe gold, silver, platinum, palladium, rhodium, iridium, osmium, ruthenium, rhenium, and others. It is any element that has atomic numbers between 79 and 110 (excluding Helium), and which is valued because of its beauty and rarity. Gold and silver are the most popular precious metals. Precious metallics are frequently used as jewelry, money and industrial goods.
Due to supply and demand, the price of gold fluctuates every day. There has been a significant demand for precious metals over the past decade as investors look for safe havens in unstable economies. The increased demand has led to a significant rise in prices. However, some are hesitant to invest in precious metals because of the rising costs of production.
Gold is a solid investment as it is both rare and long-lasting. Unlike many investments, gold never loses value. Plus, you can buy and sell gold without paying taxes on your profits. There are two ways you can invest in gold. You can buy bars and gold coins, or invest into gold futures contracts.
In-dispute liquidity can be achieved with physical gold bars or coins. They are easy and convenient to trade or store. They do not offer any protection against inflation. To protect yourself from rising gold prices, you can consider buying gold bullion. Bullion can be defined as physical gold. It comes in different sizes. Some billions come in one-ounce pieces, while others come in larger sizes like kilo bars. Bullion is usually stored in vaults protected from theft and fire.
If you prefer owning shares of gold rather than holding actual gold, you should consider buying gold futures. Futures give you the opportunity to speculate about what might happen to gold's value. Gold futures allow you to be exposed to its price without owning any physical commodity.
If I wanted to speculate about whether gold's price would rise or fall, I could buy a gold contract. My position after the contract expires will be either “long” (or “short”) A long contract means I believe the gold price will rise, so I am willing to hand over money now in return for the promise of more money when the contract expires. A shorter contract would mean that I believe the gold price will fall. So, I'm willing to take the money now in exchange for the promise that I'll make less money later.
When the contract expires, I'll receive the amount of gold specified in the contract plus interest. That way, I've gained exposure to the price of the gold without actually having to hold the gold myself.
Precious metals are a great investment as they are hard to counterfeit. While paper currency can be easily counterfeited simply by printing new notes, precious metals cannot. Precious metals have remained stable over time because of this.
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By: Jamie Redman
Title: Surging Altcoins Eclipse Bitcoin’s Gains, Sparking Buzz of an Imminent ‘Alt Season’
Sourced From: news.bitcoin.com/surging-altcoins-eclipse-bitcoins-gains-sparking-buzz-of-an-imminent-alt-season/
Published Date: Tue, 21 Nov 2023 18:30:06 +0000
