Over the previous week, Ondo (ONDO) has exhibited an impressive performance, as one of the top crypto gainers, by turning the chart green. This occurs while leading cryptocurrencies such as Bitcoin and Ethereum face difficulty in surpassing their support levels. Just a few hours ago, the price of ONDO reached a record high of $0.9744, showing a growth of more than 400% since its launch on January 18, 2024. Let’s investigate to discover the current status of the token’s price.
ONDO Price Market Performance
ONDO price has seen an impressive increase of 27.24% in the past day, currently trading at $0.9294. The token also performed well over the past week, soaring by 89.6% in its value. Its prices over the past 30 days also increased by 114.61%. In just over two months, ONDO entered the top 100 cryptocurrencies, ranked 85th with a market cap of $1.3 billion, according to CoinMarketCap. Trading activity regarding the token is heightened, demonstrated by the remarkable increase of 157.21% in its 24-hour trading volume. It has a circulating supply of 1.39 billion ONDO out of a total supply of 10 billion ONDO.
Why is ONDO Price Rallying?
The increase in Ondo token price that propelled to its new all-time why was as a result of various factors discussed below.
1. BlackRock BUIDL Fund Launch
BlackRock’s recent application for a new fund, the BlackRock USD Institutional Digital Liquidity Fund, has caused a stir in the cryptocurrency market. The BUIDL fund, tokenized on the Ethereum blockchain, represents a major step for traditional finance entering the realm of blockchain technology.
Blackrock about to go hard on #RWA.
Hope you are invested.$PROPC $NAVI $ONDO $OM $RIO $GET https://t.co/iwLlwCgsF3
— James Bull (@MariusCrypt0) March 21, 2024
It is expected that the project will enhance the trustworthiness and usefulness of tokenized assets, leading to higher interest from investors. The collaboration with Securitize by the fund indicates a possible emphasis on Real-World Asset (RWA) tokens, which complements Ondo Finance’s main service. This news led to speculation, causing ONDO’s price to rise. The surge is related to the growing interest from investors in tokenized assets that serve as a bridge between the traditional financial market and the digital asset sector.
2. Increasing Adoption and Growth of Ecosystem
Ondo Finance has collaborated closely with different blockchain platforms like Aptos, Sui, and Solana, incorporating its tokenized treasury products (USDY). It is expanding its reach in the RWA tokenization industry by combining its tokenized treasury products (USDY) and investigating more DeFi applications. This strategy involving multiple chains expands Ondo’s outreach, establishing itself as a leader across various chains.
3. Ondo Global Markets Increases Range of Tokenized Asset Offering
Ondo Finance has recently introduced Ondo Global Markets, a solution designed to connect traditional and DeFi markets through the creation of tokens that represent ownership of traditional securities. This project broadens Ondo’s abilities beyond tokenized U.S. Treasuries, possibly drawing in fresh users and boosting the ONDO token’s popularity.
4. Increased Whale Activity
The increased activity by whales or large investors has caused a surge in the price of ONDO. Data from Santiment showed a rise in whale transactions of at least $100,000 worth of ONDO within 24 hours. This heightened activity can lead to increased price volatility and impact market dynamics. At the same time, the supply of ONDO tokens on exchanges has decreased, indicating investors are holding onto their tokens in anticipation of future price increases instead of selling for immediate profits. As a result, ONDO has entered the top 100 cryptocurrencies by market capitalization, reflecting growing investor confidence in Ondo Finance and its tokenized asset offerings.
What Next?
Based on the technical analysis of ONDO, short-term indicators signal a neutral stand, suggesting a mixed market sentiment. The Relative Strength Index (RSI) at 76.53 indicates a neutral position, suggesting neither overbought nor oversold conditions.
However, there are notable buy signals in momentum indicators MACD Level, indicating positive momentum in the short term. Additionally, moving averages show a predominantly bullish sentiment across different periods, with exponential and simple moving averages suggesting a buying trend.
The Fear and Greed Index of ONDO is currently at 75, showing a higher level of greed in the market. Investors need to be careful, as excessive greed can lead to irrational excitement and the potential for assets to be overvalued, which raises the likelihood of a market correction.
When conducting a thorough examination over a prolonged period, keep an eye on the durability of the bullish trend indicated by moving averages, in addition to broader market conditions and fundamental indicators. Investors must also monitor any shifts in sentiment and macroeconomic conditions that may impact the long-term price direction of Ondo token.
About ONDO
ONDO is the native token of the Ondo decentralized autonomous organization. The Ondo DAO allows ONDO token holders to control economic parameters and smart contract upgrades by participating in forum discussions and on-chain voting in a decentralized manner.
The process consists of forum discussions where governance proposals are shared for community input, and then on-chain voting through Tally, where ONDO token owners vote according to their holdings to confirm and implement proposals.
Read More: ONDO Price Hits New ATH; What’s Going On With RWA Token ONDO ?
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