Both firms disclosed to Axios their intention to channel $250 million into RWAs via a fresh fund named Ondo Catalyst. According to Ian De Bode, Ondo’s Chief Strategy Officer, the fund’s capital will be directed towards acquiring equity and tokens in burgeoning projects.

De Bode mentioned to Axios, “We are witnessing somewhat of a competitive frenzy at present” in the tokenization domain. This is evident from the influx of companies into this sphere, with exchanges specifically targeting tokenized stocks and exchange-traded fund (ETF) offerings.

Recently, as reported by Cointelegraph, Robinhood, a digital brokerage firm, rolled out a new layer-2 blockchain to facilitate European clients to trade tokenized US stocks and ETFs. In May, Kraken divulged plans to provide tokenized US stock trading to investors outside the US.

Simultaneously, Coinbase, a crypto exchange, is allegedly seeking regulatory sanction to offer tokenized equities, a step that could pit it against Robinhood and other trading platforms.

Earlier this year, Ondo Finance launched Ondo Global Markets to integrate traditional financial markets with the blockchain. The company has been steadily increasing its foothold in onchain finance, recently forming a Global Markets Alliance with several crypto firms to boost adoption of blockchain-based capital markets. On Thursday, OKX Wallet was announced as the newest alliance member.

Ondo enjoys backing from Peter Thiel’s Founders Fund, which is believed to be actively supporting attempts to establish a fresh crypto-friendly bank. The tokenized RWA market is witnessing rapid growth, driven by industry-wide efforts and governmental backing, with SEC Chair Paul Atkins committed to fostering tokenization innovation.

A contemporary industry report jointly authored by RedStone, Gauntlet, and RWA.xyz reveals that the tokenized RWA market has expanded by a staggering 380% since 2022, standing at $24 billion as of June. This figure excludes stablecoins, which are cumulatively worth over $250 billion.

The report by RedStone identifies private credit and US government debt as the primary growth propellers for RWAs.

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Blockchain and analytics platform, Glassnode, revealed that Bitcoin has established robust support at $79,000, with an accumulation of around 40,000 Bitcoin at this level. Bollinger Bands creator, John Bollinger, shared a similar perspective, noting that Bitcoin is forming a “classic Bollinger Band W bottom,” awaiting confirmation.

Market stakeholders are keenly observing the US dollar index (DXY), currently trading below the 100 level. Any additional depreciation of the US dollar could prove beneficial for Bitcoin. If Bitcoin maintains its higher levels, it could invigorate the overall sentiment in the crypto market and possibly prompt a recovery in select altcoins.

Price analysis of Bitcoin, Hyperliquid (HYPE), Ondo (ONDO), Render (RNDR), and Kaspa (KAS) reveals potential trends and key levels to watch. Bitcoin’s break and close above resistance on April 12, the bullish crossover of moving averages for RNDR, the breakout of ONDO from the downtrend line, and the increased buying activity for HYPE and KAS all suggest a positive outlook for these coins. However, any sharp downturn or failure to hold support levels could indicate continued dominance by bears.

Please note, this article does not provide investment advice or recommendations. All investments and trading moves involve risk, and readers should conduct their own research before making a decision.

The post Bitcoin Soars Amid Economic Uncertainty: Will HYPE, ONDO, RNDR, and KAS Follow Suit? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Token offerings from Ondo Finance (ONDO), such as OUSG and USDY, which are backed by short-term bonds, have seen their combined market value grow by 53% over the past month, nearing the $1 billion mark. BUIDL, a joint venture between BlackRock and Securitize, saw a 25% increase over the same period, surpassing $800 million. Franklin Templeton’s BENJI token grew by 16% to reach $687 million, while Superstate’s USTB increased by over 63% to hit $363 million.

However, not all tokens performed well. USYC from Hashnote experienced a 20% market cap reduction to $900 million, largely due to a decline in DeFi protocol Usual’s performance after investor backlash. The token serves as the primary backing asset for Usual’s USD0 stablecoin, which saw its supply drop below $1 billion from a January high of $1.8 billion.

“This trend of increasing market cap of tokenized treasuries during the crypto downturn signifies a shift towards quality, mirroring how traditional investors move from equities to U.S. Treasuries during economic uncertainty,” explained Brian Choe, head of research at rwa.xyz. Choe’s observation stems from comparing the growth of tokenized treasuries’ market cap with stablecoins from November to January, during the crypto rally, and from February when the market corrected.

Interestingly, tokenized treasuries exhibited faster growth than stablecoins during the downturn, unlike during the bullish phase. As Choe noted, “This suggests that some investors are not leaving the ecosystem but are instead reallocating capital to safer, yield-bearing assets until the market improves.”

The post Record-breaking $4.2B Market Cap for Tokenized Treasuries Amidst Crypto Downturn appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Aptos (APT) is currently experiencing a bullish trend, with significant network activity and a notable increase in Total Value Locked (TVL). The introduction of “inscriptions” is set to further enhance user engagement and potentially drive up the price. Aptos (APT) is trading between $7.81 and $10.47, with support levels at $3.65 and $6.31, and resistance levels at $11.64 and $14.3. To maintain its edge, Aptos needs to continue innovating and managing market competition effectively.

Pyth Network (PYTH): A New Oracle in the Crypto Space

Pyth Network (PYTH) has rapidly gained attention since its launch, thanks to its substantial market value and unique attributes. Trading within the range of $0.242 to $0.465, Pyth Network (PYTH) shows potential for significant growth, with predictions suggesting it could reach $2.89 by 2025. However, the volatile nature of cryptocurrencies necessitates cautious optimism.

Xai (XAI): Revolutionizing the Gaming Crypto Market

Xai (XAI) enables players to own and trade in-game items without needing crypto wallets, positioning it as a practical tool for gamers. Currently, Xai (XAI) trades between $0.645 and $1.094, with support levels at $0.034 and $0.483, and resistance levels at $1.383 and $1.833. The token’s innovative approach suggests a promising future, provided it continues to attract gamers and handle market volatility.

Immutable X (IMX): Pioneering NFT Gaming on Ethereum

Immutable X (IMX) is focused on reducing the costs of in-game transactions on Ethereum. With current trading ranges between $1.76 and $2.09, and support at $1.28 and $1.61, Immutable X (IMX) is positioned to significantly impact NFT gaming. The integration with the Epic Games Store highlights its growing influence. Continued success will depend on onboarding more game creators and users.

Ondo (ONDO): DeFi Innovations and Market Expansion

Ondo Finance (ONDO) has seen growth with its expansion into the Asia-Pacific region and digitization of real assets. Trading between $0.2282 and $0.2644, with support at $0.08355 and $0.1077, Ondo (ONDO) shows promise for future growth. Effective execution of its vision and navigating regulatory developments will be key to its success.

Conclusion

The crypto market is poised for dynamic changes in 2024, with Aptos (APT), Pyth Network (PYTH), Xai (XAI), Immutable X (IMX), and Ondo (ONDO) identified as top coins with potential for significant growth due to their innovative technologies and strong market positions.

The post Top 5 Coins With 10-100X Potential in 2024 appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.