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

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As a seasoned crypto investor with a keen interest in DeFi and Ethereum-related projects, I’m thrilled to witness the remarkable surge of Ondo Finance (ONDO) following the U.S. SEC’s approval of the spot Ethereum ETF and Coinbase listing ONDO on its perpetual markets. The price rally, fueled by strong investor demand and bullish sentiment, has propelled ONDO to new all-time high levels.

As a researcher studying the cryptocurrency market, I’ve observed an intriguing development: following the U.S. SEC’s approval of the Ethereum ETF on May 23, ONDO Finance’s cryptocurrency, which I’ll refer to as Ethereum-beta, experienced a significant price surge. In just the past 24 hours, ONDO’s price has climbed more than 8%, reaching a new all-time high of $1.15 and achieving a market capitalization surpassing $1.5 billion. Additionally, the daily trading volume for ONDO has seen an astonishing increase by approximately 130% to over $455 million.

What’s Behind the ONDO Price Rally?

Since its debut this year, Ondo Finance (ONDO) has experienced robust demand and surged 550% as it reaches new peak prices. Two significant reasons fueled ONDO’s upward trend: the approval of a spot Ethereum ETF and Coinbase listing ONDO in their perpetual market.

The perpetual markets on Coinbase’s platforms, including those for ONDO-PERP, PYTH-PERP, and ZETA-PERP, have begun transactions. Coinbase’s international exchange and advanced trading platforms are now functional, enabling users to place various order types such as limit orders, market orders, stop orders, and stop-limit orders.

At first, the ONDO-PERP, PYTH-PERP, and ZETA-PERP markets will transition to a post-only trading phase on Coinbase International Exchange and Coinbase Pro.

Due to recent developments, some market traders are optimistic about ONDO and have made bullish predictions. One trader, in particular, highlighted that ONDO functions as a significant “ETH equivalent” and is expected to gain noticeable interest in the upcoming period.

One researcher anticipates a significant increase in the “real-world-asset trend,” drawing attention to ONDO‘s impressive showing. This digital asset has been performing exceptionally well, placing it among the top performing Layer 1 platforms and meme tokens in recent days.

For individuals who cannot obtain securitized tokens, investing in ONDO could be an attractive substitute, according to a crypto trader’s recommendation.

As an analyst, I would interpret Larry’s actions following approval as follows: After securing regulatory approval, Larry will express optimism in public appearances and media interviews. He may also reveal plans to launch additional Recurring Withdrawal Agreements (RWA) on the blockchain.
You can’t buy securitize tokens, but you can buy ONDO which is the next best thing.
— pickle (@Pickle_cRypto) May 23, 2024

 On-chain data and Next Price Target

As a DeFi analyst, I’ve noticed that Ondo Finance reached the maximum amount of funds secured in its smart contracts on May 22, which amounted to $453 million – a new all-time high for this decentralized finance protocol.

According to IntoTheBlock, there has been a substantial increase of 52.3% in large transactions for ONDO. Currently, over 84% of its investors are in profit and an additional 15% are at the breakeven point. Notably, large holders control 92% of the supply, with about 63% having held onto their tokens for between one to twelve months.

The price of ONDO has reached a point where its value is being determined by the market! For the ONDO price trend to persist upwardly, it is necessary that the price stays above the $1.04 mark.

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2024-05-24 11:34