8th July 2021 | ZebPay Trade-Desk
Pax Gold (PAXG) is a gold-backed cryptocurrency and was launched in September 2019. It is an ERC-20 token operating on the Ethereum blockchain. The asset is tradeable on a large variety of exchanges and has become an avenue for traders to start investing in digital gold. Pax Gold aims to make gold more tradeable, as the physical commodity lacks divisibility and flexibility in terms of transport. Pax Gold was created so investors can buy smaller amounts of gold through the cryptocurrency, which eliminates the minimum buy limits for the commodity.
Market Capitalization and Rank: $109mn (265)
PAXG was trading in a range from $1,925 to $1,860. The asset then gave a breakout on the downside and witnessed a fall as the prices made the low of $1757.58. Post this PaxG is taking multiple support around $1,750 and is trying to move up. Currently, the asset is again consolidating and trading in a range from $1,760 to $1,815. Breakouts on either side with good volumes will further decide the trend for the asset.
This concludes on the Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!
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