PAXG (PAX Gold) has pumped 3.24% in the last 24 hours.

Gate News Bot News, October 17, according to CoinMarketCap data, as of the time of this report, PAXG (PAX Gold) is currently priced at 4392.09 USD, having risen by 3.24% in the last 24 hours, with a highest point of 4456.70 USD and a lowest point of 3727.30 USD. The 24-hour volume reached 705 million USD. The current market capitalization is approximately 1.379 billion USD, an increase of 43.2 million USD compared to yesterday. Currently, PAXG ranks 58th in global Crypto Assets market capitalization.

PAX Gold (PAXG) is an asset-backed token, with each token representing one ounce of gold stored in professional vault facilities. Holders of PAXG have ownership of physical gold held in custody by Paxos Trust Company. Since PAXG represents physical gold, its value is directly tied to the real-time market value of physical gold. PAXG offers customers the benefits of actual ownership of specific gold bars while providing the speed and liquidity of digital assets. Customers can have partial ownership of gold bars. On the Paxos platform, customers can quickly and efficiently exchange their tokens for allocated gold, unallocated gold, or fiat currency (and vice versa), thereby reducing their settlement risk.

Important news about PAXG recently:

1️⃣ Tokenized gold market capitalization hits a new high The market capitalization of tokenized gold has risen to 3.28 billion USD, setting a new historical high, with a 24-hour rise of 2.1%. Among them, PAX Gold (PAXG) has a market capitalization that has surpassed 1.3 billion USD, demonstrating investors' continued favor and increased confidence in digital gold assets.

2️⃣ The price of physical gold has broken through 4250 dollars As spot gold prices break through $4250/ounce, PAXG, as a digital asset pegged 1:1 to physical gold, has also seen its price rise. This breakthrough reflects an increased demand for safe-haven assets from investors amid global economic uncertainty.

3️⃣ PAXG trading activity increase PAXG 24-hour volume reached $705 million, a significant increase from the previous $342 million volume, indicating that market interest and liquidity for PAXG are strengthening.

From a technical perspective, the price of PAXG has broken through the $4400 mark, reaching a recent high, demonstrating strong upward momentum. On the fundamental side, with the rise in physical gold prices and the expansion of the market capitalization of tokenized gold, PAXG, as one of the leading gold tokens, has further solidified its market position and investment value.

This message is not an investment advice; investors should be aware of market volatility risks.