Dogecoin And XRP Beat Out Cardano And Solana To Secure New Milestone
2023年12月30日 - 10:00PM
NEWSBTC
Kaiko, a blockchain analytics platform, conducted an investigation
that revealed the complexities of liquidity across the biggest
crypto assets, with some lower market cap assets beating higher
ones. According to its Q3 liquidity rankings, XRP and Dogecoin
(DOGE) managed to beat out Solana and Cardano in liquidity
rankings, coming in behind only Bitcoin and Ethereum. There were
also some surprise numbers on the rankings, like BNB coming in 8th
in terms of liquidity, and Litecoin also outperforming.
Related Reading: LUNC Plunges 14% As SEC Scores Knockdown Blow Vs.
Terraform Labs Kaiko Analysis Highlights Liquidity For Crypto
Assets The vast number of crypto assets has always brought out the
idea among investors to rank their valuation on a scale of some
sort, with the most adopted being the market cap. However,
according to Kaiko, liquidity, along with other metrics like volume
and market depth is a better way to measure a token’s real value
apart from its market cap. This was best demonstrated by FTX’s
token FTT, whose market was bloated to reach a peak of nearly $10
billion without having enough liquidity on exchanges to back this
up. According to its latest rankings, Bitcoin took up the first
spot in liquidity. This wasn’t surprising, as Bitcoin has always
held a tight reign over the crypto industry since its inception.
Ethereum followed in second place in terms of liquidity to
reiterate its position as the king of altcoins. However, Kaiko’s
liquidity rankings started to digress from the market cap at the
third position, with BNB underperforming massively to come in at
8th place. Instead, XRP came in at 4th place, beating out the
likes of Solana and Cardano (the Ethereum killers) on exchanges
among traders. XRP’s liquidity boost in the quarter was thanks to
the asset receiving regulatory clarity in the US. Dogecoin came in
at 5th place, despite being 10th on market cap rankings, to
solidify its position as the leader among meme coins. Litecoin came
in at 5th place to complete the top five, despite being 18th in
market cap rankings. Total crypto market cap at $1.59 trillion on
the daily chart: TradingView.com On the other hand, AVAX’s
liquidity ranking dropped 11 places when compared to its market
cap, while TON came in at 37th place despite being 9th by market
cap during the quarter. Also, ATOM, UNI, APT, TON, SHIB, OKB, LEO,
and CRO all fell more than five spots. What Does Liquidity Say
About Dogecoin And Crypto Assets? Kaiko’s measure of liquidity
included the spread and the average daily trading volume on
different exchanges. The analytics platform also included two
different market depth levels; 0.1% for higher frequency traders
and 1% for longer-term holders. Related Reading: Can BSV Hold Its
New 2023 Peak? Analysts Watch As Trading Volume Explodes In terms
of trading volume, BTC came in first place while ETH and XRP
followed suit. However, SOL beat DOGE in this metric with around $2
billion in the quarter. The bottom line is that greater liquidity
often precedes greater success over the longer term for
cryptocurrencies. Q4 2023 should tell a strong tale in terms of
crypto liquidity, as most cryptocurrencies registered new yearly
highs in terms of market cap. Featured image from Shutterstock
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