2 silver-backed cryptocurrencies to invest in as demand skyrockets

Amid reports that silver price is quietly outpacing gold in 2024, having increased its value by over 20% since the year’s turn and settling at $28.7 per troy ounce after hitting $30 an ounce for the first time since May 2021, there are two tokenized silver cryptocurrencies that can offer exposure to it.

As it happens, the silver price has recently hit its highest level in the last eleven years (albeit still well below its all-time high of $47.9 from April 2011), increasing not only the demand for the precious metal but also digital assets backed by physical silver, although there aren’t many of them out there.

Silver price 5-year chart. Source: TradingView

tSILVER price 30-day chart. Source: Finbold

#2 Kinesis Silver (KAG)

Meanwhile, Kinesis Silver (KAG), which launched for trading on the Dubai-based Emirex exchange one year ago alongside Kinesis Gold (KAU), is the virtual asset product by the crypto trading and payment service platform Kinesis Money, backed by fine silver “stored in fully insured and audited vaults.”

KAG is physical #silver made for the blockchain.Each KAG is backed by one ounce of fine silver stored in fully insured and audited vaults. Even better, the #silver is in your name, and legally belongs to you.Find out more about Kinesis Silver here:https://t.co/VaMD7hubeE

Currently, KAG is changing hands at the price of $28.77, recording a 0.39% gain on the day, growing 3.64% across the past week, and adding up to the accumulated increase of 13.36% over the month, as per the most recent information retrieved by Finbold.

Kinesis Silver price 30-day chart. Source: CoinMarketCap

Conclusion

All things considered, the tokenized versions of this precious metal, as is the case with gold-backed cryptocurrencies, inadvertently entail significant risks, so detailed analysis and weighing one’s risk tolerance is necessary before investing a significant amount of money in them.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.