A CoinGecko report said Ether (ETH) outperformed Bitcoin (BTC) in the third quarter, rising 70% versus BTC’s 42% gain. The report also found that ETH’s liquidity weakened relative to Bitcoin over the same period. From July 6 to Sept. 30, ETH’s average daily median market depth stood at just 35% to 45% of Bitcoin’s, down from at least 60% in the same period last year. Market depth measures the total dollar value of buy and sell orders within a given price range around the current market price. For ETH, depth within a 0.15% price band was between $13 million and $14 million. CoinGecko said ETH still maintained solid liquidity in that range, with bid and ask depth above $1 million on most exchanges. The report added that liquidity also thinned for other major tokens. SOL’s depth within a 2% price range fell from about $28 million per side last year to around $20 million this year, while XRP’s total depth held near $30 million but remained skewed toward bids.
According to a CoinGecko report cited by ChainCatcher, Ether, the native token of Ethereum, outperformed Bitcoin in the third quarter, rising 70% compared with BTC’s 42% gain.
At the same time, ETH liquidity narrowed sharply relative to Bitcoin. From July 6 to Sept. 30, ETH’s average daily median market depth was only 35% to 45% of Bitcoin’s, versus at least 60% in the same period last year.
ETH still showed solid depth in a tight price band
Market depth measures the total dollar value of buy and sell orders within a set range around the current price. CoinGecko said ETH market depth within a 0.15% price band was between $13 million and $14 million. The firm added that ETH still maintained solid liquidity in that range, with both bid and ask depth exceeding $1 million on most exchanges.
SOL and XRP showed different liquidity profiles
CoinGecko also said liquidity thinned across other major tokens. For Solana’s SOL, depth within a 2% price range fell from about $28 million on each side last year to around $20 million this year.
XRP’s total depth stayed near $30 million, but its order book was tilted toward buyers, with about $18 million in bids and roughly $14 million in asks. CoinGecko said XRP’s market capitalization is about 40% higher than SOL’s, but its depth within a 2% price range is lower because SOL’s average daily trading volume remains 25% above XRP’s.
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