Golden-backed cryptocurrencies outperform the broader market in historic rally of precious metals, while historic rally of precious metals rose by about 9.7%, amid growing trade war tensions per ounce The new record is a new record of $2,880 per ounce.
Pax Gold (Paxg) and Tether Gold (XAUT) benefited greatly from the rise in precious metals, both of which meet the spot price of gold rising by about 10%. Each of these tokens is backed by a gold ounce of gold ounce stored in the vault.
Not surprisingly, in traditional markets, gold miners’ stocks have also surged. Vaneck Gold Miners ETF (GDX), an exchange-traded fund (ETF) that tracks gold miners, has risen nearly 20% this year, outperforming the S&P 500.
Price action has increased the supply of these tokens, with the tokens burning more than millions of dollars a week. According to RWA.XYZ, while over 53.7% of the amount of cryptocurrency transfers have soared by more than 53.7%.
Gold prices threaten tariffs to the United States and China this year, with the latter country’s Spring Festival holiday and the trend of growing demand rising. Last year, demand for precious metals reached 4945.9 tons, worth about $460 billion. World Gold Council.
Meanwhile, most major cryptocurrencies have struggled so far. Bitcoin’s growth is not high, leading 3.6% Bitcoin gold ratio reaches 12-week lowwhile the ether fell by more than 17.6%. this Coindesk 20 Index Only 0.5%.
“The rally of gold and the decline of Bitcoin are not failures of the ‘digital gold’ narrative, they are failures of the set,” Mike Cahill, a core contributor to Python Network, told Coindesk in a written statement. “Currently, the fear and strength of the trade war The dollar is fleeing to a traditional safe haven flight, but once liquidity recovers and risks favoritism, Bitcoin may catch up a lot.”
“Smart investors know that BTC is still the hardest asset next to gold, and Bitcoin will be hugely beneficial when Trump’s pro-Crypto stance realizes actual policies,” he said.
