Golds backed cryptocurrencies shine as precious metal hits record high amidst concern in trade war
Gold cryptocurrencies further change in the wider market in the middle of a historical rally for precious metal, which reached around 9.7% to this year with a new note of $ 2,880 per ounce amid growing up Tension in the War in Trade.
Pax Gold (PAXG) and Tether Gold (XAUT) have benefited greatly from the rising of precious metal, both of which increase by almost 10% in accordance with the gold price area. Each of these tokens is supported by a troy ounce of gold stored in a vault.
Not surprisingly, in the traditional market, the stocks of gold miners also moved forward. The Vaneck Gold Miners ETF (GDX), a funds exchanged by the exchange (ETF) that monitor gold miners, rose nearly 20% this year, raising S&P 500.
Price action has seen the supply of these tokens grow, with token mints exceeding the burns of millions of dollars weekly. Moving volumes for gold -supported cryptocurrencies, according to RWA.xyz data, has temporarily advanced more than 53.7% month to the month.
The price of gold has risen this year with tariff threats from both the US and China, the holidays in the spring festival in the late country and a greater trend of growing demand. Last year, demand for precious metal hit 4,945.9 tons, worth about $ 460 billion, according to World Gold Council.
Meanwhile, most major cryptocurrencies are struggling today. Bitcoin saw a moderate 3.6% increase, leading to Bitcoin-Gold ratio to a 12-week lowWhile the ether drops more than 17.6%. The CoinDesk 20 Index was just around 0.5%.
“Gold’s Rally and Bitcoin’s Dip are not a failure of the ‘digital gold’ narrative -they are a setup,” Mike Cahill, mainly contributing to the Pyth Network, CoinDesk told a written statement. “So far, fears of trade war and a strong dollar are fleeing a flight to traditionally safe shelters, but once the liquidity and risk of appetite rebounds, can catch bitcoin in a big way . ”
“Wise investors know the BTC is still the hardest property next to gold, and when Trump’s pro-crypto stance becomes materialize in actual policy, Bitcoin stands to benefit greatly,” he said .
