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That’s why Ondo Finance’s ONDO token rose to a new all-time high, defying market sentiment
Ondo Finance, a platform dedicated to the tokenization of real-world assets (RWA) and backed by Pantera Capital, has seen a surge in the value of its Ondo Finance token (ONDO).
The coin surged nearly 20%, reaching an all-time high of $1.15 on May 24, 2024. This milestone was perhaps largely driven by Coinbase’s addition of ONDO to its perpetual market.
Performance and future prospects
DefilLama data shows that the rise of the ONDO token in the last 24 hours has pushed its market capitalization above $1.6 billion. On May 21, Ondo Finance also reached a peak total value locked (TVL) of $453 million, its highest level ever.
Also IntoTheBlock data reveals a 52.3% increase in large transaction volumes for ONDO, with all holders currently in a profitable position. The concentration of large holders is significantly high at 92%, with approximately 63% of investors holding their tokens for periods between one and twelve months.
Since mid-March, the price of ONDO has fluctuated between $0.97 and $0.69, before exploding on Friday. A 10% rally ended the consolidation, pushing ONDO to an early record high of $1.05. Now, in a price discovery phase, investors expect the bullish momentum to continue pushing it higher. As of this writing, ONDO is currently hovering around the ATH price of $1.15 and its TVL is $445 million.
Catalysts and market sentiment
The rally occurred amidst the US Securities and Exchange Commission (SEC). approving spot Ethereum Exchange Traded Funds (ETFs). Even though the green light had a controversial impact on the rest of the market, ONDO is among the top performers on a daily scale.
Since its launch earlier this year, ONDO has seen strong demand and is up more than 1,300% from its all-time low.
Another major catalyst behind the ONDO price rally may be related to Coinbase’s addition of the asset to its perpetual market. According to the announcement, trading has started for ONDO-PERP, PYTH-PERP and ZETA-PERP on the perpetual markets.
The exchange’s platforms, Coinbase International Exchange and Coinbase Advanced, are now fully operational for trading and offer various 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.
Following the announcement, several market participants issued bullish forecasts for ONDO. One pointed out that ONDO represents a powerful “ETH beta” that will soon attract attention.
Another predicts an impending surge in the “real world asset narrative,” highlighting the noteworthy performance of ONDO, which ranks just behind major Layer 1 platforms and meme tokens this week. Also, cryptocurrency trader suggested that investing in ONDO represents a good alternative for those who cannot acquire securitized tokens, calling it the next best option.