CoinGecko said Ether (ETH) rose 70% in the third quarter, beating Bitcoin’s 42% gain over the same period, but the token’s market liquidity weakened at the same time. From July 6 to Sept. 30, ETH’s median daily market depth was only 35% to 45% of BTC’s, down from at least 60% a year earlier. Within 0.15% of the market price, combined bid and ask depth for ETH stood at roughly $13 million to $14 million. The report said ETH remained relatively easy to trade despite the contraction, with market depth on both sides still above $1 million on most trading platforms. CoinGecko also noted that SOL saw a decline in liquidity, while XRP’s total market depth held near $30 million.
CoinGecko said ETH rose 70% in the third quarter, outperforming BTC, which gained 42% over the same period, even as ETH market liquidity declined.
According to the report, from July 6 to Sept. 30, ETH’s median daily market depth was only 35% to 45% of BTC’s. In the same period last year, that figure was at least 60%. Within 0.15% of the market price, ETH bid and ask order depth was about $13 million to $14 million.
Market depth measures the size of orders placed near the current price. Lower depth means large orders can move prices more easily. Even with weaker liquidity, CoinGecko said ETH was still relatively easy to trade, with market depth on both the bid and ask sides exceeding $1 million on most trading venues.
SOL also posted weaker liquidity. Its one-sided market depth within a 2% range above and below the price fell from about $28 million last year to about $20 million.
XRP’s total market depth was stable at about $30 million, including roughly $18 million in bids and about $14 million in asks. Although XRP’s market capitalization was about 40% higher than SOL’s, its market depth was lower because SOL’s average daily trading volume remained about 25% higher.
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