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trading liquidity XRP dogecoin

XRP And Dogecoin Flip Solana, Avalanche To Be Among Most Liquid Cryptocurrencies

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

An analysis by blockchain analytics platform Kaiko revealed that XRP and Dogecoin (DOGE) are among the top four most liquid cryptocurrencies, only trailing Bitcoin (BTC) and Ethereum (ETH).

This finding challenges the conventional wisdom that market capitalization is a wholesome metric for evaluating a cryptocurrency’s price, and thus, liquidity.

XRP, Dogecoin among most liquid coins | Source: Kaiko
XRP, Dogecoin among most liquid coins | Source: Kaiko

Assessing Crypto Liquidity: What Factors Were Considered?

In their report, Kaiko argues that liquidity, which measures how easily an asset can be traded, is a more accurate representation of a cryptocurrency’s true worth. Market capitalization and fully diluted value, according to Kaiko, provide an incomplete picture of a cryptocurrency’s value proposition. 

To measure market capitalization, the asset’s price and tokens in circulation play a critical role. Meanwhile, liquidity considers multiple factors often beyond prices, including supporting exchanges and the cost of trading the same asset, quantified through spreads.

Related Reading: Shiba Inu Team Provides Key Update On Shib Name Service Development

Gauging asset liquidity, Kaiko’s analysis took into account two market depth levels: 0.1% and 1%. To properly assess the level of liquidity for traders, market depth at 0.1% was used as a metric. Meanwhile, the 1% market depth reading was used to track the liquidity of long-term holders.

Herein, Kaiko said liquidity across both categories fell across the board in Q3 2023.

Market depth at 0.1% and 1% | Source: Kaiko
Market depth at 0.1% and 1% | Source: Kaiko

XRP, DOGE, And LTC Shining, AVAX Drops

Kaiko notes that XRP, DOGE, Cardano (ADA), and Solana (SOL) all performed in line with their market capitalization rankings regarding liquidity. XRP and DOGE emerged among the top four, though they generally remained some of the most liquid, using market capitalization as lead. 

Even so, Litecoin (LTC) outperformed its market cap rating to place fifth among the most liquid cryptocurrencies. According to CoinMarketCap, LTC is ranked 17th with a market cap of over $5.6 billion.

Litecoin price trending sideways on the daily chart | Source: LTCUSDT on Binance, TradingView
Litecoin price trending sideways on the daily chart | Source: LTCUSDT on Binance, TradingView

While LTC outperformed, others, including Uniswap (UNI), Avalanche (AVAX), Shiba Inu (SHIB), and Cosmos (ATOM), dropped in the liquidity rankings. AVAX posted sharp liquidity losses, dropping 11 spots. This is despite the coin’s stellar performance in the past few trading months.

To quantify, AVAX has outshone Bitcoin (BTC), rallying by over 400% in the last two months alone.

Related Reading: XRP Whales Go On $220 Million Shopping Spree That Could Trigger A Price Surge

Meanwhile, because of how well Bitcoin Cash (BCH) prices performed in the last quarter, it is one of the largest liquidity gainers. Rising prices also drove trading volumes to new levels, subsequently boosting liquidity.

At the same time, Kaiko noted that Ethereum Classic (ETC), Tron (TRX), and Stellar (XLM) rose higher in the rankings.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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