Ethereum-Based Ondo Finance (ONDO) Hits Record High: What’s Driving the Surge?

• Ondo Finance has recently reached its highest-ever total value locked (TVL), peaking at $453 million.
• The ONDO price rally is expected to continue if it sustains above $1.04.
• Coinbase’s listing of ONDO’s perpetual contracts has been a significant catalyst for the price rally.

Discover the latest developments in Ondo Finance as it hits new all-time highs, driven by strategic moves and market dynamics.

Ondo Finance Hits New All-Time Highs

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

What’s Behind the ONDO Price Rally?

Since its launch earlier this year, Ondo Finance (ONDO) has been in strong demand, rallying 550% to new all-time highs. Besides the spot Ethereum ETF approval, another major catalyst for 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.

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

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.

Conclusion

Ondo Finance’s recent achievements highlight its growing influence in the cryptocurrency market. With its TVL reaching new heights and strategic listings on major exchanges, ONDO is poised for continued growth. Investors should keep an eye on its price movements and market developments to capitalize on potential opportunities.