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

On May 22, Ondo Finance reached its highest-ever total value locked, hitting a peak of $453 million. ONDO price rally can continue if its sustains above $1.04.
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Ethereum-beta Ondo Finance (ONDO) Price Touches New All-Time High, What’s Cooking?

Highlights

  • Coinbase listing of ONDO's perpetual contracts proved major catalyst to ONDO price rally.
  • ONDO is the strongest Ethereum-beta currently to steer ahead the "real-world asset" initiative.
  • Ondo Finance TVL also hits new all-time high surging past $450 million.

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.

https://twitter.com/Pickle_cRypto/status/1793521302877454536?ref_src=twsrc%5Etfw” rel=”nofollow

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.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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