ONDO has emerged as one of the best-performing cryptocurrencies over the past week, gaining by 22.64%. Today, ONDO is up by 12%, trading at $1.23. This significant rally is primarily attributed to two major developments: the recent approval of an Ethereum ETF and Coinbase’s launch of ONDO perpetual futures.
Ethereum ETF Approval Fuels ONDO’s Surge
The recent approval of an Ethereum ETF has been a significant catalyst for ONDO’s price surge. Analysts widely believe that ONDO stands to benefit significantly from this development due to its strong positioning within the Real World Asset (RWA) tokenization space. With connections to BlackRock, the investment giant leading the charge in RWA tokenization, ONDO is well-placed to capitalize on the growing interest in this sector.
The Ethereum ETF approval is expected to boost the RWA narrative, making ONDO an attractive investment option. An analyst from the Paragon Group highlighted that ONDO is potentially the most overlooked beneficiary of the Ethereum ETF approval, noting the market’s limited narratives and the bullish stance of BlackRock’s Larry Fink on tokenization. The analyst suggested that any mention of tokenization post-approval could trigger a market frenzy, a prediction that seems to materialize as ONDO’s value continues to rise.
The market is thin on narratives, ETH ETF approval brings new risk taking, Larry Fink is bullish tokenization and launched an ETH tokenization fund, ONDO is the new and shiny coin thats most aligned with the RWA narrative.
All it takes is one mention of tokenization…
— Doc (@docXBT) May 23, 2024
Coinbase Launches ONDO Perpetual Futures
In addition to the Ethereum ETF news, ONDO’s rally has been further propelled by Coinbase’s recent launch of ONDO perpetual futures. This launch, including PYTH and ZETA perpetual futures, has significantly expanded ONDO’s accessibility to a broader audience. Coinbase announced that these markets are now fully operational on Coinbase International Exchange and Coinbase Advanced, offering various order types such as limit, market, stop, and stop limit orders.
Our ONDO-PERP, PYTH-PERP, and ZETA-PERP markets are now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available. $ONDO $PYTH $ZETA pic.twitter.com/B7sHLUx3HR
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) May 23, 2024
The introduction of ONDO perpetual futures is a substantial development, opening up new trading opportunities and increasing long-term demand for ONDO. By making ONDO more accessible to international and advanced traders, Coinbase is helping to drive further interest and investment in the cryptocurrency.
Bullish Market Momentum
The broader cryptocurrency market has also shown bullish momentum, contributing to ONDO’s impressive performance. While many cryptocurrencies struggle to gain traction, ONDO has made new all-time highs. This bullish market sentiment and the positive news surrounding Ethereum ETFs and the launch of ONDO perpetual futures have created a perfect storm for ONDO’s price surge.
Investors are increasingly looking for opportunities in the cryptocurrency market, and ONDO’s solid fundamentals and strategic positioning within the RWA tokenization space make it an appealing choice. The connection to BlackRock and the expanding trading options on Coinbase have positioned ONDO as a standout performer in the current market landscape.
Related: ONDO Price Could Trigger Soon Due To RWA Payments Network
ONDO on a Solid Growth Path
As ONDO continues gaining momentum, investors and analysts closely monitor its performance. The approval of the Ethereum ETF and the launch of ONDO perpetual futures have provided significant catalysts for growth, and the broader market’s bullish sentiment further supports ONDO’s upward trajectory.
Combining these factors suggests that ONDO could continue to see strong performance in the coming weeks. With its strong ties to the RWA narrative and the backing of major financial institutions like BlackRock, ONDO is well-positioned to capitalize on the growing interest in tokenization and decentralized finance.
ONDO in a Breakout Move as Bulls Take Control
Source: TradingView
After range-bound for more than a month, ONDO broke out bullish three days ago. Today, ONDO price has sustained this momentum, and ONDO is now making new highs. If the current momentum continues, ONDO could reach a high of $2 within the weekend.
ONDO’s Rally to $2 Unstoppable
ONDO’s rally today seems unstoppable, as there is no significant resistance going forward. In an environment of rising volumes, a $2 target on the weekend is realistic. Such a rally is also supported by the fact that the broader market is showing bullish sentiment. Bitcoin is showing signals that it could be headed back to $70k. This, and the fact that the SEC has approved Ethereum ETFs, put high-potential altcoins like ONDO on a path to parabolic growth.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
