ONDO prices surged about 40% today to a new all-time high, driven by strong interest from institutional investors and speculation about the potential for a Binance spot listing.
ONDO price surged nearly 40% today, attracting strong attention from investors. Notably, the altcoin’s recent surge also helped it hit a new all-time high in the past 24 hours, sparking optimism in the market. However, the current rally has also sparked discussions about the potential reasons behind the push, while many are seeking clarity on whether the rally will continue.
Why did the ONDO price increase today?
ONDO price has seen strong gains today, amidst the overall upbeat sentiment in the cryptocurrency market, which is fueled by optimism. Notably, the cryptocurrency market as a whole, as well as Bitcoin and top altcoins, have surged recently, indicating high confidence among traders.
Amid this, a well-known cryptocurrency market influencer named Grey BTC on X recently stated that retail interest in ONDO is surging significantly. In a recent social media post, the influencer highlighted that Upbit has been accumulating ONDO over the past five months, becoming the largest holder.
Furthermore, Grey BTC noted that Upbit now holds more tokens than “initial VCs,” which include Pantera, Coinbase, and others. Taking all of this into account, the influencer said that “ONDO’s hoarding competition is fierce,” indicating that there is strong institutional interest in the cryptocurrency. Moreover, he also predicted that the cryptocurrency will reach the $15 mark next year, further fueling market optimism.
Meanwhile, another reason for the recent surge could be speculation about ONDO spot being listed on Binance. Notably, ONDO futures are already traded on Binance, one of the top cryptocurrency exchanges, which has sparked market discussions. With this in mind, social media users are speculating that ONDO spot may be listed on the exchange.
Market sentiment is positive, prices hit record highs
ONDO price surged more than 39% today, trading at $1.66, while its daily trading volume surged 304% to $834.1 million. Notably, the cryptocurrency has hit a 24-hour high of $1.78, setting a new high. In addition, CoinGlass data shows that ONDO futures open interest has risen nearly 50% to $297.84, indicating that investors are turning their attention to the asset.
However, investors should also remain cautious as technical charts are giving warnings for the asset. For context, the asset’s relative strength index (RSI) is 85, indicating that it is overbought.
Meanwhile, despite the warnings, many market experts remain optimistic about the top RWA token given its rising popularity. Crypto market expert Kyren
It’s no secret now that tokenization of risk assets is going to be one of the biggest trends of this cycle. Where is the first place people look for risk assets? It has to be Ondo Finance.
