PAX Gold (PAXG) is an asset-based crypto token that is backed by physical gold and allows users to buy and sell gold in fractional quantities. It offers users a cost-effective way to own physical gold with almost all the benefits of a blockchain. Each PAXG token represents one fine ounce of a 400-ounce London Good Delivery gold that is currently stored in Brink’s vault.
As the price of the coin stored in the vault increases, so does the market value of the coin. The PAXG holders own the underlying gold and can redeem their tokens for the same amount as that of the physical gold. The PAXG token is backed by The Paxos Company. The main aim of the company is to provide a way for day-to-day traders to hold on to gold and trade it like any other cryptocurrency in the market
What’s so special about the PAXG coin?
Based on the Ethereum blockchain, the PAXG is an ERC-20 token backed by 400-ounce gold held by the Paxos. The PAXG token is not only supported by the London Bullion Market Association (LBMA) but also enables its holders to trade it for real-world gold or silver in the market.
Backed by the physical gold, the PAXG coin provides users with a variety of use cases. Some of them are listed as follows:
- Trading: PAXG can be traded for various cryptocurrencies and other digital assets in the market.
- Redemption: The token can be redeemed for physical bullion bars at any time. You just need to have a minimum of 430 coins.
- Investing: Without any hassle that is associated with owning physical gold, PAXG can be used as a way to invest in gold.
- Secure: By utilizing blockchain technology, the PAXG token ensures security and transparency to its holders.
- Fractional ownership: The PAXG token allows its holders to have ownership of a fraction of gold, which is not possible with traditional gold investing.
PAXG coin current market analysis
Launched in September 2019 with an initial price of $1,515.44, the coin has come a long way. Now, ranked #123 by the CoinMarketCap, the coin is trading at a market value of $2,752.93 with an increase of 0.25% in the last 24 hours.
With a total circulating supply of only 194.34K, the coin has already reached a market capitalization of $534.86 million. As gold prices continue to shoot up along with the coin maintaining a tight supply, various prominent traders are already claiming that the coin’s upward trend won’t fall short anytime soon.
PAXG price prediction
The PAXG, an asset-based token, has become one of the major contenders in the market recently. With an impressive bullish rate of 5.20% in just last month along with a weekly rise of 3.67%, the coin is slowly but gradually gaining on the major cryptocurrencies in the market.
Now, let’s take a look at how the coin will fare in the market in the coming years. With the help of various experts in the crypto field, we have put together a price prediction table of the PAXG coin indicating its price in the coming years. While referring to the table, keep in mind that the crypto market is a volatile place and the price of the coin is subjected to various changes in the market.
| Year | Price |
|---|---|
| 2025 | $ 2,487.28 |
| 2026 | $ 2,582.95 |
| 2027 | $ 2,885.56 |
| 2028 | $ 3,271.49 |
| 2029 | $ 3,882.56 |
| 2030 | $ 3,994.45 |
Is it a good investment?
With the PAXG token being backed by physical gold and the price of the gold increasing slowly day by day, the perspective of owning PAXG is looking quite appealing. As the coin slowly but steadily gains in the market along with the price of the gold, it has a bright future ahead of itself.
However, considering the volatility of the market, the price may vary slightly in the future. However, the probability of gold losing its value in the coming years is extremely low. So, even though the coin is a good investment, it is better to conduct on your part before investing.
Conclusion
PAXG is one of the best crypto coins in the market nowadays. With the backing of the gold bars in the Brink’s Vault, the coin has a huge potential to skyrocket in the market in the coming years.
As various natural resources are depleting with each passing year, the price of the coin is expected to rise exponentially in the market. And with the rise of gold, the coin will skyrocket in the market. With a limited supply and increasing demand, many investors have already flocked towards this coin. If you’re thinking the same, make sure to conduct your research before investing.
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