PAX Gold Bull Run continues with an increase of 3.28% in the last 7 days

PAX Gold (PAXG) is an asset-based crypto token that allows holders to buy and sell gold in fractional amounts. Utilizing the blockchain to its fullest, it offers users a cost-effective way to own physical gold. Backed by 400 ounces of real gold stored in Brink’s vault, the coin is not expected to slow down in the market anytime soon.

Resource scarcity is increasing day by day and with it, the price of gold is skyrocketing. As the price of gold rises, so does the price of the PAXG token. The price of the coin was already at $2.923 on Saturday. As tension rises in different countries like Israel and Iran, we may see the currency soar in the coming days.

Factors affecting the increase in the price of PAX Gold

There are several factors that drastically affect the price of PAXG tokens. Here we will talk about the most important ones.

Gold is a limited but valuable commodity on our planet. Since the world supply of gold is severely controlled by the government and various other institutions, it is no wonder that the price of gold is increasing day by day. This scarcity of gold is one of the main reasons why its price is currently rising in the market. The more valuable gold becomes, the more valuable the PAXG token will be.

As geopolitical tension rises, the value of PAX Gold slowly rises with it. The conflicts currently taking place in Middle Eastern countries such as Iran and Israel caused major investors to flock to gold. Since gold is a liquid currency, whenever global tension increases, it tends to shoot up the value of gold in general.

Current Market Analysis of PAXG Coin

Since its launch 2 years earlier, PAXG has gained a lot of ground in the crypto market. Now ranked #122 (at the time of writing) on ​​CoinMarketCap, the coin is currently trading at $2,754.57 on the market.

With a total circulating supply of 194.34K, the coin’s market cap has already crossed the $500 million mark. As gold prices continue to rise with each passing day, it is difficult to short the currency in the market.

Global tension that affects the value of the currency

As various geopolitical tensions arise between Iran and Israel, gold is one of the most coveted assets by many investors. Based on various reports, we can conclude that most investors are turning to gold in these turbulent times. If we look at similar scenarios in the past, we can find that the price of gold has increased in such cases. This time is no different.

As global tension increases, so does the rate of gold. This in turn causes the market value of the PAXG coin to increase. As various crypto assets lose their market position during these times, people are moving towards traditional stable assets like gold. As this continues, the currencies associated with these assets also rise in price. In addition, the interest rate decisions proposed by the Federal Reserve are also one of the main factors that have contributed to the increase in the price of the currency.

What the future holds for PAXG coin, price prediction

As global tension continues, we can expect the PAXG coin not to see a bearish trend for quite some time. If the uptrend of PAXG continues in the market, we can expect the price of the coin to reach new levels in the market.

Now that we have discussed the coin’s market position and the reason behind it, let’s take a look at what the future holds for PAXG coin. For this, we have prepared a currency price prediction table with the help of various market experts.

conclusion

In essence, PAXG is one of the perfect coins on the market during these turbulent times. In a highly volatile world, the PAXG coin offers its holders much-needed stability. With the current situation and the support of gold bars around Brink, the coin has unlimited possibilities in the market.

With limited supply and growing demand, many investors have already taken refuge by buying the currency. If you are also considering the same, make sure you do your research thoroughly before investing.

Read more:

Philtoken (PHIL) Posts Double-Digit Gains Same Week As Shiba Inu Announces Airdrop