The past week in the crypto economy has been filled with interesting developments. While bitcoin experienced a slight decline of 5.7% against the U.S. dollar, ethereum, on the other hand, enjoyed a significant uptick of 10.8%. But it was altcoins like SUI and ethereum name service (ENS) that stole the show, with impressive gains of 74% and 71% respectively in just seven days.
Altcoin Surge and Bitcoin's Decline
While bitcoin's price remained relatively stagnant and bearish, several alternative crypto assets saw substantial gains. Leading the pack was SUI, which soared an incredible 74% over the course of the week and an impressive 116% in the last month. Additionally, SUI experienced a 9.8% increase in the past 24 hours, solidifying its position as one of the top performers. ENS also witnessed a significant ascent, surging by 71.9%. METIS followed closely with a 50.5% increase during the same period.
Other Notable Altcoin Gains
Apart from SUI, other cryptocurrencies also made notable strides. HNT recorded a 47.4% increase, while BLUR and TIA rose by 38.8% and 38% respectively over the past week. On Monday, METIS, FLR, BNB, and LINK were the standout performers. METIS experienced an 8.4% rise, FLR appreciated by 8.3%, BNB grew by 4.2%, and LINK's valuation against the U.S. dollar soared by more than 15% in just 24 hours. However, there were also some significant declines observed during this period.
Declines in Altcoin and Bitcoin Prices
While altcoins were experiencing growth, some coins saw declines in their prices. BONK dipped by 6.5%, optimism (OP) fell by 5.5%, and despite ENS's overall weekly gain, it dropped 5.2% on Monday. The largest downturn was seen with stacks (STX), plunging 19.3%, and bittensor (TAO), which decreased by 10.2% over the week. Other notable decliners included BTC, VET, INJ, and BGB, with more than 24 coins declining between 1.5% to 6.5% against the U.S. dollar.
The Changing Landscape of Digital Assets
While bitcoin's performance remained lackluster compared to some altcoins, the overall trend indicates a diversifying market. Newer entrants like SUI and ENS are gaining prominence, showcasing the evolving landscape of digital assets. This week's trading activity serves as a reminder of the inherent volatility in the sector and the shifting preferences of crypto traders.
Share Your Thoughts
What are your thoughts on this week's crypto trading and the rising values of altcoins? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
What is the cost of gold IRA fees
An individual retirement account's average annual fee (IRA) costs $1,000. There are many types to choose from, such as Roth, SEP, SIMPLE, traditional and Roth IRAs. Each type comes with its own set rules and requirements. If your investments are not tax-deferred, you might have to pay taxes on the earnings. You must also consider how long you want to hold onto the money. If you plan on holding onto your funds for longer, you'll likely save more money by opening a Traditional IRA rather than a Roth IRA.
You can contribute up to $5500 per year to a traditional IRA (or $6500 if you are 50 or older). A Roth IRA allows you to contribute unlimited amounts every year. The difference between them? With a traditional IRA, the money can be withdrawn at your retirement without tax. However, Roth IRA withdrawals are subject to tax.
How can you withdraw from a Precious metal IRA?
If you have an account with a precious-metal IRA company like Goldco International Inc, you might consider withdrawing your funds. This way, when you decide to sell your metals, they will still be worth much more than if you had left them inside the account.
Here are the steps to help you withdraw money from your precious-metal IRA.
First, verify that your precious metal IRA allows withdrawals. This option is available from some companies, but not all.
Second, consider whether your sale of metals can allow you to take advantage tax-deferred profits. Many IRA providers provide this benefit. However, some don't.
Third, make sure to check with your precious metal IRA provider if there are any fees associated with these steps. The withdrawal may cost extra.
Fourth, keep track of your precious metal IRA investments for at least three years after you sell them. For capital gains to be calculated, wait until January 1, each year. Next, fill out Form 8949 to determine the amount you gained.
In addition to filing Form 8949, you must also report the sale of your precious metals to the IRS. This step ensures that you pay taxes on all profits earned from your sales.
A trusted attorney or accountant should be consulted before you sell your precious metals. They can help you avoid costly mistakes and ensure you comply with all regulations.
How do I choose the right IRA for me?
Understanding your account type is the first step to finding the best IRA. This includes whether you are looking for a traditional IRA or Roth IRA. You should also know how much money your have available to invest.
The next step is to choose the best provider for you. Some providers offer both accounts, while others specialize in just one type.
Last, consider the fees associated to each option. There may be annual maintenance fees, as well as other fees. Fees for each provider can vary widely. Some providers charge a monthly cost based on how many shares you own. Others will only charge once a quarter.
What type of IRA is used for precious metals?
A Individual Retirement Account (IRA), is an investment vehicle offered by most financial institutions and employers. You can contribute to an IRA account which grows tax-deferred and can be withdrawn at any time.
An IRA lets you save taxes and pay them off later. This means more money deposited into your retirement plan today versus having to pay taxes on that money tomorrow.
An IRA has the advantage of allowing contributions and earnings to grow tax-free until you withdraw your funds. Early withdrawals are subject to penalties.
You can also contribute to your IRA beyond age 50 without penalty. If you choose to take withdrawals from your IRA during retirement, you'll owe income taxes and a 10% federal penalty.
Refunds received before the age of 591/2 are subject to a penalty of 5% from the IRS. For withdrawals made between the age of 59 1/2 & 70 1/2, a 3.4% IRS penalty will apply.
A 6.2% IRS penalty applies to withdrawals exceeding $10,000 per annum.
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.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)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Buy Gold To Your Gold IRA
Precious metal is used to describe precious metals such as gold, silver (excluding helium), palladium, palladium or osmium), ruthenium, rose, rhenium, ruthenium 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. The most common precious metals are gold and silver. Precious Metals are often used for money, jewelry and industrial goods.
Supply and demand affect the gold price daily. The demand for precious materials has increased dramatically over the last decade as investors seek to find safe havens in volatile 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 reliable investment due to its rarity and durability. The value of gold is never lost, which is unlike many other investments. You can also sell or buy gold without paying any taxes. There are two ways to invest in gold. There are two ways to invest in gold: buy gold bars and coins; or, you can invest directly in gold futures.
The physical gold bars and coins provide immediate liquidity. They are easy to trade and keep. However, they are not very inflation-proof. Consider purchasing gold bullion if you want to be protected from rising prices. Bullion is physical gold that comes in different sizes and shapes. While some billions are sold in one-ounce portions, others come in larger pieces such as kilobars. 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 allow you to speculate on how the price of gold might change. You can purchase gold futures to get exposure to the gold price, but not the actual commodity.
For instance, if my goal was to speculate on the movement of the gold price, I could purchase a contract. My position at the expiration of the contract will be either “long-term” or “short-term.” A long contract is one in which I believe that the price of gold will rise. I'm willing now to pay someone else money, but I promise I'll get more money at the end. On the other hand, a short contract means that I think the price of gold will drop. So, I'm willing to take the money now in exchange for the promise that I'll make less money later.
I will receive the amount of gold in the contract, plus interest, when the contract ends. That way, I've gained exposure to the price of the gold without actually having to hold the gold myself.
Precious metals can be a great investment because they are very hard to counterfeit. Precious metals are more difficult to counterfeit than paper currency. It is because precious metals are hardier than paper currencies that they can be counterfeited by printing new bills.
By: Jamie Redman
Title: Weekly Crypto Market Recap: Altcoins Surge as Bitcoin Stays Muted
Sourced From: news.bitcoin.com/altcoins-thrive-while-bitcoin-dips-in-a-dramatic-week-of-crypto-trading/
Published Date: Mon, 15 Jan 2024 18:30:06 +0000