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Given the escalation of the conflict in Israel, the price of gold rose to $2,430 (USD), a new all-time high (ATH), driving up stablecoins that track its value.

Tether Gold (XAUt), the gold-pegged stablecoin with the largest market capitalization, reached a new ATH of $2,500. Meanwhile, the next largest, Pax Gold (PAXG), experienced a greater rise due to high demand.

PAXG reached the ATH of $3,300 on the Binance exchange. Although it should be noted that it only lasted minutes at that price and then fell back to around USD 2,375 on par with the precious metal.

Currently, Tether Gold has a market capitalization of $581 million, while Pax Gold has $434 million. This leaves them located in positions 123 and 158, respectively, in the ranking of the largest crypto assets.

According to CoinMarketCap, the stablecoins anchored to the precious metal that follow in capitalization are below position 1,000 in the ranking of crypto assets. These are Comtech Gold (CGO), VX Gold (VNXAU), tGOLD (TXAU) and others.

The last three tokens mentioned, unlike XAUt and PAXG, do not follow the price of gold per ounce, but per gram. That is why their prices are lower. Precisely, they reached the ATH of around USD 78.

Source: cryptonoticias.com

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