Ethereum-beta Ondo Finance (ONDO) Price Touches New All-Time High, What’s Cooking?

Amid the approval of the spot Ethereum ETF by the U.S. SEC on Thursday, May 23, Ethereum-beta Ondo Finance cryptocurrency surged to its new all-time high levels. In the last 24 hours, the ONDO price has surged more than 8% rallying all the way to $1.15 and hitting a market cap of over $1.5 billion. Also, the daily trading volume for ONDO has skyrocketed by a staggering 130% to $455,519,046.

What’s Behind the ONDO Price Rally?

Ever since its launch earlier this year, Ondo Finance (ONDO) has been in strong demand and has rallied 550% so far on its way to hitting new all-time highs. In addition to the spot Ethereum ETF approval, another major catalyst behind the ONDO price rally has been Coinbase adding ONDO to its perpetual market.

Trading has commenced for ONDO-PERP, PYTH-PERP, and ZETA-PERP on the perpetual markets. Coinbase’s platforms, both Coinbase International Exchange and Coinbase Advanced, are now fully operational for trading, offering a range of order types such as limit, market, stop, and stop-limit orders.

Initially, the ONDO-PERP, PYTH-PERP, and ZETA-PERP markets will enter post-only mode on Coinbase International Exchange and Coinbase Advanced.

As a result, several market traders have been giving bullish calls for ONDO. In response to the tweet, a trader emphasized that ONDO represents a potent “ETH beta” poised for attention in the near future.

Another researcher predicts a forthcoming surge in the “real-world-asset narrative,” highlighting ONDO’s noteworthy performance, ranking closely behind leading Layer 1 platforms and meme tokens this week.

Additionally, a crypto trader suggested that for those unable to acquire securitized tokens, investing in ONDO presents a compelling alternative, calling it the next best option.

Larry will talk bullish, do another media circuit, post approval. Prob announce plans for more RWAs onchain.

You can’t buy securitize tokens, but you can buy ONDO which is the next best thing. https://t.co/IV5mYUGOqe

— pickle (@Pickle_cRypto) May 23, 2024

 On-chain data and Next Price Target

According to DeFiLlama, Ondo Finance achieved its peak total value locked at $453 million on May 22, marking its highest recorded level to date.

Furthermore, data from IntoTheBlock indicates a significant surge of 52.3% in large transaction volume for ONDO, with 84% of its holders currently in a profitable position and 15% at breakeven. The concentration by large holders remains notably high at 92%, with approximately 63% of holders holding onto the tokens for a duration spanning between one to twelve months.

ONDO has now entered the price discovery zone! For the ONDO price rally to continue, it must sustain above $$1.04.