Most major assets in the cryptocurrency market have recorded price declines over the past 24 hours. Gold-backed cryptocurrencies, however, have risen in value, contrary to the overall market trend, APA-Economics reports.
Acording to the CoinMarketCap platform, the price of Bitcoin decreased by 0.28% over the past 24 hours to $82,433. Although the cryptocurrency has fallen by 3.61% over the past seven days, it has gained 4.56% over the past 30 days.
Ethereum declined by 2.65% to $2,493.19, BNB fell by 3.77% to $740.39, while Zcash dropped by 6.16% to $1,217.36.
Significant declines were also observed in other cryptocurrencies. Monero fell by 3.67% to $539.25, Bitcoin Cash dropped by 6.62% to $278.91, and Bittensor decreased by 5.07% to $273.83.
Meanwhile, gold-backed cryptocurrencies recorded positive dynamics. PAX Gold (PAXG) rose by 0.81% to $4,176.07, while Tether Gold (XAUT) increased by 0.79% to $4,168.05.
The CoinMarketCap 20 index declined by 1.68% over the past 24 hours to 168.14 points. Bitcoin's market capitalization stood at $1.66 trillion.
Analysts say the decline in the cryptocurrency market may be linked to investors moving away from risky assets and profit-taking following previous gains. Uncertainty surrounding the US Federal Reserve's interest rate policy is also among the possible factors putting pressure on the market. The increase in the value of gold-backed tokens is explained by the fact that their prices are linked to the market value of gold.
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