Introduction
In the world of cryptocurrency, the sector dedicated to artificial intelligence (AI) has been steadily expanding. Over the past 34 days, since November 29, 2023, the market capitalization of AI-focused crypto assets has experienced a surge of $1.75 billion. This significant growth has propelled many of the leading AI tokens to new heights, with more than half of them recording double-digit gains. Notably, the graph (GRT) has emerged as the frontrunner, boasting an impressive 40.73% increase over the previous month.
AI Crypto Market Cap Soars to $7 Billion
As we enter 2024, the AI-centric crypto industry has reached a market capitalization of $7.04 billion. This represents a substantial climb from its valuation of $1.1 billion on January 9, 2023. In less than a year, the AI cryptocurrency market has expanded by an impressive 540%, with $1.75 billion of this growth occurring in the last 34 days alone.
Leading Performers in the AI Token Space
Leading the pack in the AI-focused token space is the graph (GRT) with a market valuation of $2 billion. It has experienced a 10% increase in just the past day and a remarkable 40.73% surge over the previous month, making it the top performer among the ten leading tokens. Fetch (FET) has also witnessed significant growth, climbing 34.29% over the month. Additionally, AGIX and OCEAN saw gains of 5.85% and 4.45% respectively in the last 30 days.
However, not all AI tokens fared well in the market. Bittensor (TAO) experienced a 21% decline last month, but it has rebounded by 3% in the past 24 hours, maintaining an impressive 791% rise from its record low in May. Covalent (CQT) enjoyed a 20.93% hike this past month, while PAAL, a newcomer, is up 8.9% for the month and has soared 52.48% over the past week. On the other hand, IMGNAI plunged 45.77% in 30 days, and BBANK decreased by 38.9% against the greenback.
The Future of AI Tokens in the Crypto Market
In 2023, AI technologies proved to be a golden opportunity within the crypto economy. As we move forward into 2024, it remains to be seen how this momentum will continue or shift. The AI crypto sector, known for its rapid growth, presents both intrigue and potential as it evolves in the ever-changing landscape of digital assets.
What are your thoughts on the growth of AI tokens over the last year and in the past 30 days? Share your opinions in the comments section below.
Frequently Asked Questions
What is the tax on gold in Roth IRAs?
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
You don’t pay tax if you have the money in a traditional IRA/401k. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
Each state has its own rules regarding these accounts. Maryland’s rules require that withdrawals be taken within 60 days after you turn 59 1/2. Massachusetts allows you to wait until April 1. New York has a maximum age limit of 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
Can I purchase gold with my self directed IRA?
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals to contribute as high as $5,500 ($6,500 if they are married and jointly) to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
You should consider buying physical gold bullion if you decide to invest in it. Futures contracts can be described as financial instruments that are determined by the gold price. These financial instruments allow you to speculate about future prices without actually owning the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
Should You Invest in Gold for Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. You can invest in both options if you aren’t sure which option is best for you.
Not only is it a safe investment but gold can also provide potential returns. It’s a great investment for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. Therefore, its value is subject to change over time.
This does not mean you shouldn’t invest in gold. You should just factor the fluctuations into any overall portfolio.
Another benefit of gold is that it’s a tangible asset. Gold is more convenient than bonds or stocks because it can be stored easily. It’s also portable.
You can always access your gold as long as it is kept safe. You don’t have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
A portion of your savings can be invested in something that doesn’t go down in value. Gold usually rises when stocks fall.
Gold investment has another advantage: You can sell it anytime. You can easily liquidate your investment, just as with stocks. You don’t have to wait for retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don’t put all your eggs on one basket.
Do not buy too much at one time. Start with a few ounces. Continue adding more as necessary.
The goal is not to become rich quick. It is to create enough wealth that you no longer have to depend on Social Security.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Who holds the gold in a gold IRA?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
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 to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
Consult a financial advisor or accountant to determine your options.
Statistics
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (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)
External Links
bbb.org
investopedia.com
finance.yahoo.com
forbes.com
How To
Investing in gold or stocks
These days, it might seem quite risky to invest your money in gold. This is because many people believe that gold investment is no longer profitable. This belief is due to the fact that many people see gold prices dropping because of the global economy. People believe that investing in gold would result in them losing money. In reality, though, gold investment can offer significant benefits. We’ll be looking at some of these benefits below.
One of the oldest forms known of currency is gold. It has been used for thousands of years. It has been used as a store for value by people all over the globe. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. If you’re interested in buying gold bullion, it is crucial that you decide how much per gram. If you don’t know the current market rate for gold bullion, you can always consult a local jeweler to get their opinion.
It is also worth noting that although gold prices have declined recently, the cost of producing gold has increased. The price of gold may have fallen, but the production costs haven’t.
You should also consider the amount of your intended purchase when considering whether you should buy or not. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. But, if your goal is to make long-term investments in gold, this might be worth considering. If you sell your gold for more than you paid, you can make a profit.
We hope our article has given you a better understanding of gold as an investment tool. We recommend you do your research before making any final decisions. Only then can informed decisions be made.
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By: Jamie Redman
Title: The Growth of AI Tokens: A Record Surge in the Crypto Market
Sourced From: news.bitcoin.com/ai-crypto-assets-skyrocket-540-in-under-a-year-hitting-7-billion-market-cap/
Published Date: Tue, 02 Jan 2024 18:30:48 +0000
