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Cryptocurrency Gold (PAXG) Becomes One of Most Profitable Assets on Market During Correction

u.today 19 May 2022 15:02, UTC
Reading time: ~2 m

With the aggravating drop of the cryptocurrency and traditional markets, gold has become the ideal option for containing wealth and avoiding inflation losses. The crypto market has always had a solution for investors who invest in gold without leaving the digital assets industry, which is also the most profitable asset on the market today.

The main way of exposing yourself to gold while remaining within the cryptocurrency market ecosystem is the Paxos product, with the ticker PAXG. PAXG is a token backed by actual gold at a 1:1 ratio. Essentially, purchasing 1 oz. worth of PAXG is the equivalent of owning a real gold bar.

PAXG Chart

PAXG states that every investor can exchange his or her tokens for real gold bars with no issues whatsoever. The TRUST, though, requires the ownership of a certain amount of tokens in order to become eligible for a swap.

The PAXG token is currently the fifth most profitable asset on the cryptocurrency market in the top 75 of coins and tokens by market capitalization. First place goes to Tron (TRX) cryptocurrency, which keeps on gaining investors' attention after the release of the USDD algorithmic stablecoin.

Since PAXG mimics gold's movement on the market at a 1:1 ratio, its 1.5% growth on the market could be considered "Significant" because of gold's extremely low volatility compared to almost any type of digital asset.

Wealth managers and economists like Peter Schiff are expecting gold to perform better than the majority of assets on both the digital and traditional markets because of rising inflation in the U.S. and a massive correction on the cryptocurrency market, which mostly follows indexes like NASDAQ and S&P500.

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