Today we analyze the price trend of some altcoins in the crypto market, namely BNB, TRX (Tron), and Ondo.
Analysis of the performance of the crypto BNB, Tron, and Ondo
BNB is the native cryptocurrency of BSC, the decentralized crypto project of Binance.
In this 2024 is performing better than Ethereum and Bitcoin.
In fact, since the beginning of the year, the price of BNB has recorded a gain of 62% up to today, while Bitcoin has stopped at +38% and Ethereum even at only +12%.
BNB has recorded its all-time high in this 2024, like Bitcoin, while Ethereum this year has not managed to surpass the high of 2021.
From the absolute highs, the current price of BNB is lower by 30%, while for Bitcoin the loss has been limited to -21%.
Ethereum, on the other hand, is at -48% from the highs of 2021.
BNB therefore is performing better than the two main criptovalute, at least from the price point of view, and this is mainly due to the great rebound of 2024 compared to the crash of 2022/2023.
In 2021 the price of BNB surpassed $650, but the following year it dropped to just over $200.
In 2023, while Bitcoin and Ethereum were recovering, Binance’s legal issues effectively prevented the price of BNB from recovering, so much so that while the first two rose last year, the latter closed the year still just above $200.
The great awakening of BNB happened only this year, when it was already clear that Binance had solved all its major problems.
And so in March it had returned to $600, with a +160% in about four months that made it recover in one fell swoop everything it had not recovered in 2023.
However, after reaching new all-time highs at the beginning of June, hoping for the first time to reach the 700$ mark, it stopped growing.
This pause could be temporary, also because the subsequent drop stopped at $460, with a subsequent rebound to $500.
The current $500 does not seem worrisome at all, and in the event that a new bullrun should start, they could be a great starting point.
It is worth noting that the last spike in March started just below the 400$ mark, so it is difficult to imagine that there could be problems for the medium/long-term hold as long as its price remains above this threshold.
The trend of the price of Tron
TRX is the native cryptocurrency of the Tron blockchain.
The price of TRX tends to be generally less volatile than that of other cryptocurrencies.
In fact, for example, since the beginning of the year it has risen only by 18%, with a -8% in the last thirty days and a +6% in the last seven.
Despite this, it is still at -57% from the historical highs of 2018.
In January of that year, during the penultimate great bullrun, it managed to surpass $0.3, something that has never happened again since.
That year it then plummeted to $0.01, but it recovered in 2021 when it surpassed $0.15. Even this figure, for now, has not yet been surpassed in the following years.
During the last bear-market it reached $0.05, which is five times higher than the bottom of the bear-market of the previous cycle, and it started to recover only at the end of 2023.
The rally that started in October 2023 and concluded in early March 2024 brought it up to $0.14, just a step away from the 2021 high. So not only after 2018 was it unable to return to its historical highs, but this year it didn’t even manage to surpass the high of the last great bullrun.
After March, however, at least, it did not collapse. Instead, it started a period of lateralization that seems to be still ongoing, with the price oscillating within a range between $0.10 and precisely $0.14.
The current price, not much lower than 0.13$, fits perfectly within this range.
Latest news and prices of Ondo
Ondo, on the other hand, is the token on Ethereum of the namesake platform Ondo Finance for RWA (Real World Asset).
It debuted on the crypto markets only in January of this year, so the historical data to analyze is still very limited.
What matters, in this case, are above all the future potential of the Ondo Finance platform, especially if it will actually be used (and how much) for the exchange of RWA tokens.
During the first three months of presence in the crypto markets, the price of Ondo almost did nothing but rise, going from $0.09 to $1.48, with a +1,500% increase that suggests the initial placement price was a bit too low.
Subsequently, there was a 50% drop, which is quite normal after a rise of such magnitude and speed.
To tell the truth, at the beginning of August the price had also dropped below $0.60, but then it made a small rebound that brought it back above $0.70.
It is very difficult to identify a clear medium/long-term trend, also because perhaps currently purely speculative dynamics prevail on Ondo. The same Ondo Finance platform currently mainly offers loans, with a TVL of about 550 million dollars which positions it beyond the 40th among the main DeFi protocols.
In short, it is still too early to draw a complete picture of its market performance.
