According to CoinDesk, PANews reports that the minting volume of gold-backed cryptocurrencies reached a near three-year high in the past month, driving the overall market value of such tokens up by 6% to $1.43 billion. Meanwhile, the monthly transfer volume of gold-backed cryptocurrencies increased by 77% to $1.27 billion, indicating 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, a 1% year-on-year increase and the strongest first-quarter growth since 2016. Analysts believe that ETF investors and some crypto users are seeking programmable and on-chain traceable hedging tools against the backdrop of rising gold prices, leading to increased interest in gold-backed crypto assets.
