Tether Gold has reached historic highs in terms of price and market cap.
In fact, the price of the token collateralized in gold has been dragged upwards by the price records of its collateral, reaching for the first time in its history to exceed $1,900.
XAUT debuted in the markets in late January 2020, with a price below $1,600. Shortly before the collapse of the financial markets in mid-March, its price had already risen to $1,700, but then fell below $1,500 in a few days.
Since its price faithfully replicates that of gold in the cryptocurrency markets, fluctuations of this magnitude are quite significant, although the cryptocurrency markets are used to much higher fluctuations.
However, as early as 26 March, it had already recovered its entire loss, and it had regained $1,700.
Since then, there has been a slow climb, leading it to $1,800 on July 10.
On July 21, it started climbing well above $1,800, remaining around $1,850 until July 23, after which it started climbing again, approaching $1,900 on July 25.
Yesterday, for the first time, it exceeded this altitude for the first time, with a fast spike up to $1,950. Now its price hovers just around $1,900.
Tether Gold, also a record for the market cap
Initially, Tether Gold’s market capitalization was about $6 million, but it grew very quickly, reaching 25 million shortly after mid-February.
This increase was only partly due to the increase in the price of XAUT, and mostly to the issue of new tokens, thanks to market demand.
At the end of March, the capitalization had already reached 50 million dollars, while at the end of April it exceeded 80 million.
Now, thanks to recent price increases, it has also exceeded 90 million, with a peak yesterday of about 94 million.
The price of XAUT follows sequentially that of gold, which in fact this morning, when the markets reopened after the weekend, for the first time in its history has exceeded the share of $1,900.
On the contrary, since Tether Gold’s trades never stop, being active 24 hours a day for 7 days a week, this time they anticipated the subsequent movements of the underlying price when the markets reopened after the weekend break.
