Crypto Market Plunges! Gold-Backed Tokens Defy the Trend, Hit All-Time Highs

TradingKey – While cryptocurrencies tumble, gold-backed tokens rally as spot gold surges to new records.

On Tuesday, September 16 (Asia session), the crypto market saw broad declines, with total market capitalization dropping 0.7% to $4 trillion. Over the past 24 hours, Bitcoin (BTC) slipped 0.02%, Ethereum (ETH) and Ripple (XRP) fell around 1%, and Dogecoin (DOGE) dropped 3%.

Spot Gold Price Chart – Source: TradingView

In contrast, gold prices hit fresh highs, lifting tokenized gold assets. This morning, spot gold (XAUUSD) surged to $3,687 per ounce, setting a new all-time high. Over the past 24 hours, PAX Gold (PAXG) rose 1.39% to $3,689, while Tether Gold (XAUt) gained 1.27%, trading at $3,682.

Institutional sentiment remains bullish on gold, which could further support tokenized gold assets. UBS recently raised its year-end 2025 gold price target from $3,500 to $3,800 per ounce, while ANZ also revised its forecast upward from $3,600 to $3,800.