Investors Take Defensive Approach in Cryptocurrency Market

Investors are taking a defensive approach in the current cryptocurrency market, which has seen prices of top coins drop by up to 30% at the start of the year.

The recent market slide has led to undervalued prices for Bitcoin and Ethereum, two of the most widely held cryptocurrencies. Despite their significant decline, many analysts believe they have the potential to recover and even reach new heights in the long term.

One strategy being considered is investing a portion of $1,000 into gold-backed stablecoins. These coins are pegged to the price of gold and offer a hedge against market volatility. PAX Gold, for example, has risen 16% since the start of the year.