Gold-backed cryptocurrency market value grew 6% in the past month as interest in digital gold assets increased

PANews reported on May 4 that according to CoinDesk, the minting volume of gold-backed cryptocurrencies reached the highest level in nearly three years in the past month, pushing the overall market value of such tokens up 6% to US$1.43 billion. At the same time, the monthly transfer volume of gold-backed cryptocurrencies increased by 77% to US$1.27 billion, showing a significant increase in interest in digital gold assets.

The latest report from the World Gold Council shows that total gold demand in the first quarter of this year reached 1,206 tons, an increase of 1% year-on-year, the strongest increase in the first quarter 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.