The Ethereum beta Ondo Finance cryptocurrency surged to a new all-time high following the U.S. Securities and Exchange Commission’s approval of a spot Ethereum ETF on Thursday, May 23. Over the past 24 hours, the ONDO price has surged by more than 8%, all the way up to $1.15, with a market cap of more than $1.5 billion. Additionally, ONDO’s daily trading volume has also surged by a staggering 130% to $455,519,046.

What is the reason behind the increase in ONDO price?

Since its launch earlier this year, Ondo Finance (ONDO) has been in high demand and has gained 550% year to date to hit a new all-time high. In addition to the approval of the spot Ethereum ETF, another major catalyst behind ONDO’s price increase was Coinbase adding ONDO to its perpetual market.
ONDO-PERP, PYTH-PERP, and ZETA-PERP are now available for trading on the perpetual market. Trading is now fully live on Coinbase’s platforms (Coinbase International Exchange and Coinbase Advanced), offering a variety of order types including limit, market, stop, and stop-limit.

Initially, the ONDO-PERP, PYTH-PERP, and ZETA-PERP markets will enter launch-only mode on Coinbase International Exchange and Coinbase Advanced.

As a result, some market traders have been bullish on ONDO. Responding to the tweet, one trader emphasized that ONDO represents a strong “ETH beta” that is expected to attract attention in the near future.

Another researcher predicted an impending surge in “real-world asset narratives,” highlighting ONDO’s stellar performance, which this week ranked just behind leading Layer 1 platforms and meme tokens.

Additionally, one cryptocurrency trader suggested that investing in ONDO is a compelling option for those who don’t have access to security tokens, calling it the next best option.

On-chain data and next price target

According to DeFiLlama, Ondo Finance’s total value locked peaked at $453 million on May 22, the highest level recorded to date.

In addition, data from IntoTheBlock shows that ONDO's large transaction volume has increased significantly by 52.3%, and 84% of holders are currently in profit, and 15% are in a break-even state. The concentration of large holders remains high at 92%, and about 63% of holders hold tokens for a period of 1 to 12 months.

ONDO has now entered the price discovery zone! For ONDO price to continue to rise, it must stay above $1.04.