The post Here’s Why Ondo Finance’s ONDO Token Soared to New ATH, Defying Market Sentiment appeared on BitcoinEthereumNews.com.

Ondo Finance, a platform dedicated to tokenizing real-world assets (RWA) and backed by Pantera Capital, witnessed a surge in the value of its Ondo Finance (ONDO) token. The coin soared 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 Outlook DefiLlama data shows that the ONDO token’s increase over the past 24 hours has pushed its market capitalization beyond $1.6 billion. On May 21, Ondo Finance also achieved a peak total value locked (TVL) of $453 million, its highest level ever. IntoTheBlock data also reveals a 52.3% rise 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 around 63% of investors maintaining their tokens for periods between one and twelve months. Since mid-March, ONDO’s price fluctuated between $0.97 and $0.69 but broke out on Friday. A 10% rally ended the consolidation, pushing ONDO to an initial record high of $1.05. Now in a price discovery phase, investors expect the bullish momentum to continue driving it upward. As of this writing, ONDO is currently oscillating around the ATH price of $1.15, and its TVL is $445 million. Catalysts and Market Sentiment The rally came amid the U.S. Securities and Exchange Commission (SEC) approving spot Ethereum exchange-traded funds (ETFs). Even though the green light has 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 has rallied over 1,300% from its all-time low. Another major catalyst behind the ONDO price rally could be related to Coinbase’s addition of the asset to its perpetual…

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Filed under: News - @ May 25, 2024 6:22 am