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In the wake of escalating tensions between Hamas and Israel, gold-backed cryptocurrencies have emerged as the top gainers among the 100 leading cryptocurrencies by market capitalization. This surge in value is directly correlated to the rising price of gold, which experienced an upswing due to the recent conflict.
What Happened: Among the notable gainers are Tether Gold (CRYPTO: XAUt), Monero (CRYPTO: XMR), and PAX Gold (CRYPTO: PAXG), all experiencing over a 1% increase in value today. This momentum in the gold-backed crypto market comes as other major cryptocurrencies, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), faced a decline along with several altcoins.
As per the latest data from CoinMarketCap, Tether Gold recorded a price of $1,854.97, marking a 0.70% increase, with a 24-hour trading volume of $3,575,013. Monero stood at $154.29, reflecting a 0.27% gain, with a trading volume of $57,030,491. Similarly, PAX Gold saw a marginal increase of 0.05%, reaching a price of $1,857.94, and a trading volume of $11,280,075.
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Why It Matters: On Monday, gold experienced a substantial surge of 1.7% as financial markets braced themselves for potential headwinds and increased volatility following the Israel-Palestine conflict.
At the time of writing, Gold COMEX December 2023 futures traded 0.6% higher at $1,875.10. Spot gold was seen largely unchanged at $1,861.39.
Investors have turned to gold as a safe-haven asset amidst the newly emerged geopolitical risks. Ed Moya, a senior market analyst at OANDA, noted, “Gold prices are rising as a new geopolitical risk has investors scrambling for safe havens on a day the US bond market is closed.”
Photo Courtesy: Shutterstock.com
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