ONDO is one of the best-performing cryptocurrencies today, and its market capitalization is up by 20% in the last 24 hours. Volumes are rising by 130% and currently stand at $437,117,024.
Ondo is one of the top cryptocurrencies in real-world asset tokenization, and it has grown exponentially this week. This follows the announcement by BlackRock that it was going into Real World Asset tokenization. Ondo is one of the players in the RWA space because it aims to decentralize high finance and make it accessible to all investors.
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— Ondo Foundation (@OndoFoundation) February 23, 2024
Any investor can access tokenized versions of the various assets through ONDO, which was only available to institutional-grade investors in the past. As the tokenization of real-world assets gains traction, ONDO could be at the forefront of it. This is thanks to its partnership with some of the most prominent finance players, including BlackRock, Ankura, Morgan Stanley, and Coinbase.
Coinbase And BlackRock Working Together On RWA Tokenization
The latest uptick in the price of ONDO has a lot to do with news surrounding two of its partners, including BlackRock and Coinbase. BlackRock has announced the launch of its Digital Asset Fund named BUIDL, which is seeded at $100 million. Coinbase has been chosen as the leading provider of infrastructure needed to make the fund successful.
Investors speculate that ONDO, one of the leading partners of BlackRock and Coinbase on real-world asset tokenization, could be set to rocket. Some analysts project that ONDO could be up for 100X gains within the year, further adding to the FOMO buying. With the demand skyrocketing, the odds of ONDO hitting prices as high as $2 within the day are high.
The Market Cap Checks Out
Investors are also increasingly drawn to ONDO because it has a pretty low market cap relative to its fast-improving fundamentals. ONDO currently has a market capitalization of $1.25 billion, is trading below a dollar, and has a circulating supply of 1,389,759,838 tokens. This means there is room for growth to a market cap as high as $10 billion as the price increases.
Ondo Foundation would like to note in advance to the community that, in the near future, and on an ongoing basis, there will be a variety of large $ONDO transfers from escrow particularly related to:
(1) delivery of ONDO to private investors in Ondo Finance
(2) delivery of ONDO…— Ondo Foundation (@OndoFoundation) March 19, 2024
ONDO’s token distribution also points to a cryptocurrency that just a few players do not control. For context, 51% of the total number of tokens is held by addresses with less than $1k worth of ONDO. 47% of the total ONDO tokens are held by wallets with $1k to $100k of tokens. Only 1.32% of the circulating supply is held by accounts with more than $100k of ONDO.
Listed On Top Exchanges
On top of all these amazing fundamentals for ONDO, investors love that this token is available on top cryptocurrency exchanges. Anyone looking to buy ONDO can do so on Gate.io, KuCoin, HTX, and Coinbase, one of the world’s largest and most accessible cryptocurrency exchanges. This means that as FOMO builds up, ONDO could see a surge in liquidity, which could cause the token to hit unprecedented prices in the short term.
In the section below, we do an ONDO price analysis to determine how it could trade in the short term now that bullish momentum is rising.
ONDO Price Prediction – ONDO Eases Up, But Overall Momentum Bullish
ONDO is trading at $0.8966, a slight correction after hitting a high of $0.977 earlier in the day.
This indicates that short-term investors benefitting from the latest price run are now taking profit. However, even as the profit-taking continues, bulls are fighting back at $0.8948, which could now be a critical support level in the day.
If bulls can outrun short sellers and profit-taking, the critical level to watch would be $0.977, now a crucial resistance level in the day. If this resistance is broken, prices above $1 and even a rally to $2 could be plausible in the day.
Why The Rally To $2 Is On Course
While bears are always likely to take control and continue the correction, the odds are in favor of bulls. That’s because the BlackRock-Coinbase news favors ONDO and makes the case for FOMO. Also, with the broader market showing bullish signals, this could support ONDO, not just in the day but in the medium term.
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