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Ethereum-beta Ondo Finance (ONDO) price hits new all-time high, what’s cooking?
Amid the approval of the Ethereum spot ETF by the US SEC on Thursday, May 23, Ethereum-beta Ondo Finance the cryptocurrency has reached its new all-time highs. Over the past 24 hours, the price of ONDO has surged over 8%, hitting $1.15 and reaching a market cap of over $1.5 billion. Additionally, the daily trading volume for ONDO skyrocketed by 130%, reaching $455,519,046.
What is behind the ONDO price hike?
Since its launch earlier this year, Ondo Finance (ONDO) has seen strong demand and has so far increased by 550% to new all-time highs. In addition to the Ethereum ETF spot approval, another major catalyst behind the ONDO price rally has been Coinbase adding ONDO to its perpetual market.
Trading has started for ONDO-PERP, PYTH-PERP and ZETA-PERP on the perpetual markets. Coinbase’s platforms, 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 made bullish calls for ONDO. In response to the tweet, one trader pointed out that ONDO represents a powerful “ETH beta” poised to attract attention in the near future.
Another researcher predicts an upcoming rise in “real-world asset narrative,” highlighting ONDO’s remarkable performance, ranking closely behind major Layer 1 platforms and meme tokens this week.
Additionally, one crypto trader suggested that for those unable to acquire securitized tokens, investing in ONDO presents an attractive alternative, calling it the second best option.
Larry will speak optimistically, do another media circuit and publicize the endorsement. Prob announces plans for more RWA on the channel.
You cannot buy securitized tokens, but you can buy ONDO, which is the best solution. https://t.co/IV5mYUGOqe
– pickle (@Pickle_cRypto) May 23, 2024
On-Chain Data and Next Price Target
According to DeFiLlama, Ondo Finance reached its maximum total value set at $453 million on May 22, marking its highest level recorded to date.
Additionally, IntoTheBlock data indicates a significant 52.3% increase in large trading volume for ONDO, with 84% of its holders currently in a profitable position and 15% at break-even. The concentration of large holders remains particularly high at 92%, with around 63% of holders holding the tokens for between one and twelve months.
ONDO has now entered the price discovery zone! For the ONDO price rally to continue, it must sustain above $1.04.