Due to the recent rise in investor demand for gold, more than $80 million worth of gold-backed tokens have been minted in the past month or so, driving the overall market capitalization of such tokens to increase by 6% to $1.43 billion, while the monthly transfer volume of gold-backed cryptocurrencies has increased by 77% to $1.27 billion, showing a significant rise in interest in digital gold assets.
The latest report from the World Gold Council shows that total gold demand reached 1,206 tons in the first quarter of this year, a year-on-year increase of 1%, marking the strongest growth for the first quarter since 2016. Analysts believe that ETF investors and some crypto users are seeking on-chain traceable hedging tools in the context of rising gold prices, leading to increased interest in gold-backed cryptocurrencies. (CoinDesk)
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In the past month, over 80 million USD worth of gold-backed Tokens have been minted, and recent market demand has risen.
Due to the recent rise in investor demand for gold, more than $80 million worth of gold-backed tokens have been minted in the past month or so, driving the overall market capitalization of such tokens to increase by 6% to $1.43 billion, while the monthly transfer volume of gold-backed cryptocurrencies has increased by 77% to $1.27 billion, showing a significant rise in interest in digital gold assets. The latest report from the World Gold Council shows that total gold demand reached 1,206 tons in the first quarter of this year, a year-on-year increase of 1%, marking the strongest growth for the first quarter since 2016. Analysts believe that ETF investors and some crypto users are seeking on-chain traceable hedging tools in the context of rising gold prices, leading to increased interest in gold-backed cryptocurrencies. (CoinDesk)