Gold-backed cryptocurrencies, such as PAX Gold (PAXG) and Tether Gold (XAUT), are performing well in the market due to a historic rally in the price of gold. The price of gold has risen around 9.7% this year, reaching a new record of $2,880 per ounce. These cryptocurrencies, which are backed by one troy ounce of gold each, have risen approximately 10% in line with the spot price of gold. The surge in gold prices has also led to a rise in the supply and transfer volumes of gold-backed cryptocurrencies. In contrast, major cryptocurrencies like Bitcoin and Ethereum have struggled this year. However, some experts believe that Bitcoin, being a "digital gold," could perform well once liquidity returns and risk appetite rebounds.



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