ONDO’s price surged, hitting an all-time high on Thursday. The surge comes amid a rapid rebound in cryptocurrency markets following the Federal Reserve’s latest policy meeting. Why is ONDO price rising? Let’s look at this in more detail.
Reasons why ONDO price is rising: How has ONDO price moved recently?
ONDO serves as the native token of Ondo Finance, a platform working to democratize access to high-quality financial products and services. Launched on January 18, the token initially boasted a market capitalization of $150 million and a fully diluted valuation of $870 million.
The current Ondo price is $0.779773, with a trading volume of $1.56 billion over the last 24 hours. The current market capitalization is $1.08 billion and market dominance is 0.04%. In particular, ONDO price soared 34.48% compared to the previous day.
On March 21, 2024, Ondo reached $0.821876, hitting an all-time high. Conversely, the lowest price was observed on February 1, 2024, when it fell to $0.199209. The lowest recorded price since the all-time high was $0.765493 (cycle low), and the highest ONDO price since the last cycle low was $0.793867 (cycle high).
Sentiment surrounding Ondo Finance’s price prediction is currently bullish, with the Fear and Greed Index sitting at a level of 78 (extreme greed). Currently, 1.39 billion ONDO tokens are in circulation out of the maximum supply of 10 billion ONDO.
ONDO Price Prediction: Why is ONDO price rising?
New research from on-chain analytics firm Santiment shows a notable increase in large transactions involving ONDO, indicating heightened activity among major investors.
In the last 24 hours, transactions exceeding $100,000 jumped from 68 to 91 unique instances. Interestingly, this surge in whale activity coincides with a notable decline in ONDO’s exchange availability, with token supply falling from 536.64 million to 529.6 million across all platforms over the same period.
The surge in large transactions (whale activity) involving ONDO means increased interest and investment from major players, potentially influencing market sentiment and driving price movements. Additionally, a reduction in ONDO supply on exchanges could result in supply shortages, potentially leading to increased demand and upward price pressure.
How high can ONDO prices go?
Ondo stands tall in the cryptocurrency world as a leading financial platform extending institutional-grade solutions to customers around the world.
Within the ecosystem, Ondo Finance and Flux Finance play a pivotal role. Ondo Finance is leading the tokenization space by offering USD Yield (USDY) and US Treasuries (OUSG) tokens to help users earn profits. Currently, USDY boasts a Total Value Locked (TVL) of $98 million, while OUSG has over $101.4 million in assets, and both offer attractive APYs of 5.10% and 5.02% respectively.
Flux Finance, on the other hand, is a DeFi powerhouse that allows users to lend and borrow stablecoins against tokenized U.S. Treasury bonds. Backed by giants like Founders Fund, Coinbase, and Pantera, Ondo’s credibility is indisputable.
The recent surge in prices in Ondo can be attributed to a number of factors. First, the expanded user base increased the ecosystem’s TVL to over $206 million, indicating growth and confidence. Second, Ondo has gained traction among cryptocurrency enthusiasts, emerging as the most popular token on platforms such as StockTwits and Reddit, often a harbinger of success.
Meanwhile, the developers highlighted a strategic move to strengthen the stability and growth of the platform, hinting at a significant transfer of ONDO tokens from escrow accounts to private investors within Ondo Finance, a service provider, for diversification purposes.
Analyzing ONDO’s recent performance, it is clear that the token has experienced significant bullish momentum, with it being green for 17 of the last 30 days, representing a significant 57% increase. Additionally, ONDO is currently trading near all-time highs, indicating high investor interest and confidence in the project. Additionally, the token boasts high liquidity backed by its impressive market capitalization.
Considering these factors, it is likely that the price of ONDO will continue to rise in the near future. Continued positive price action and proximity to all-time highs suggest bullish sentiment prevails in the market. Highly liquid ONDO is well-positioned to attract more investors and traders, further fueling demand and potentially pushing the price higher.
However, it is important to consider potential challenges and risks that could impact ONDO’s price trajectory. Market sentiment can change quickly, and corrections or pullbacks are common in the volatile cryptocurrency markets. Based on recent performance and solid fundamentals, it is reasonable to expect continued upward momentum in the short to medium term.
Where do I buy Bitcoin?
For those looking to enter the cryptocurrency market, Bitget stands out as a trustworthy platform. With low fees, a user-friendly interface, and a simple onboarding process, Bitget offers a convenient experience for both beginners and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers an efficient way to buy and trade cryptocurrencies in a dynamic and rapidly evolving market.
Featured Posts
