According to PANews, the minting volume of gold-backed cryptocurrencies reached its highest level in nearly three years over the past month, driving a 6% increase in market capitalization to $1.43 billion. Monthly transfer volume grew by 77% to $1.27 billion.
The World Gold Council report shows that total gold demand reached 1,206 tons in the first quarter of this year, a year-on-year increase of 1%. Analysts believe that ETF investors and some cryptocurrency users are seeking on-chain traceable hedging tools against the backdrop of rising gold prices, leading to increased interest in gold-backed crypto assets.
