Investing in Gold-Backed Digital Assets: Top 5 Coins in June 2024
Date: 2024-07-03 Author: Henry Casey Categories: CRYPTO PAYMENTS
The tokenized gold market in June 2024
The tokenized gold market is currently valued at $1.14 billion, with 18 assets, the main platforms for which are the Ethereum blockchain network. These digital assets represent a unique opportunity for investors seeking stable assets with high liquidity and fast exchange capabilities.
Market leaders
1. Tether Gold (XAUT)
Tether Gold occupies the leading position with a total number of coins of 246.524 thousand, with a total value of $567.01 million. Each token is backed by physical gold, which is stored in secure vaults around the world. This provides investors with transparency and confidence in the authenticity of the asset. Tether Gold is actively traded on leading exchanges such as OKX, Bitget, Gate.io, with a daily trading volume of $11.43 million.
2. PAX Gold (PAXG)
Second place goes to PAX Gold with 185.852 thousand coins issued, with a total value of $425.16 million. Each PAX Gold token is backed by one troy ounce of gold, which makes it a highly liquid asset on the market. PAX Gold tokens can be converted into physical bullion accredited by the London Bullion Market Association (LBMA), providing investors with additional flexibility and security.
3. Kinesis Gold (KAU)
Kinesis Gold ranks third with a total of 1.36 million tokens, with a total value of $102 million. Each KAU token is backed by one gram of gold and offers investors the opportunity to protect capital and passive income. The average transaction volume per day is $94.6 thousand, which indicates stable trading activity on the Kinesis Money, Bitmart and Emirex platforms.
Other market participants
VeraOne (VRO) and Comtech Gold (CGO) are also on the market, with total values of $21.61 million and $10.43 million, respectively. These coins continue to attract investors' attention due to their stability and ability to diversify portfolios.
The gold-backed digital asset market continues to grow and attract investors around the world. Given the instability in financial markets and the growing popularity of cryptocurrencies backed by physical gold, further development of this segment is expected. Investors and traders continue to find gold-backed digital assets a reliable strategy for protecting and growing their capital.
