PAXG, a gold peged crypto, Has been gaining in setoshi value. For the past few months PAXG has collapsed in satoshi value seeing all time lows of 2.6 million sats. That would put PAXG At an 88% discount from its ATH daily close of 31.9 million sats. Despite this massive collapse, In the last month the trading pair has rebounded 37% from it's all time lows. Sitting at 3.6 million satoshis, it has flown past 2 price levels that have been met with selling pressure in the past.
3.3 million satoshis and 3.5 million satoshis respectively. This move was driven by high volume which has pushed PAXG to 4.19 million satoshis before pulling back. The spike in volume coincides with bitcoin losing $354 billion from it's all time high in market cap. This behavior could be due to uncertainties with inflation, supply chain issues and the chinese real estate debt crisis. This may force Investors to look for relatively inexpensive risk off stores of value. This could explain the sudden uptick in demand for PAXG as opposed to BTC. It may not be popular opinion but I think this chart is worth monitoring. I believe it has room to run higher.
3.3 million satoshis and 3.5 million satoshis respectively. This move was driven by high volume which has pushed PAXG to 4.19 million satoshis before pulling back. The spike in volume coincides with bitcoin losing $354 billion from it's all time high in market cap. This behavior could be due to uncertainties with inflation, supply chain issues and the chinese real estate debt crisis. This may force Investors to look for relatively inexpensive risk off stores of value. This could explain the sudden uptick in demand for PAXG as opposed to BTC. It may not be popular opinion but I think this chart is worth monitoring. I believe it has room to run higher.