CoinGecko: ETH rose 70% in Q3, outperforming BTC, but its market liquidity contracted noticeably.

October 5 — A CoinGecko report shows that ETH rose 70% in the third quarter, outperforming BTC, which rose 42% over the same period, but its market liquidity actually declined. Between July 6 and September 30, ETH's median daily average market depth was only equivalent to 35% to 45% of BTC's, whereas in the same period last year it reached at least 60%.

Within 0.15% of the market price, ETH's buy and sell order depth is about $13 million to $14 million. Market depth measures the scale of orders placed near the current price; the lower the depth, the easier it is for large orders to move the price. Despite the contraction in liquidity, CoinGecko says ETH remains relatively easy to trade, with market depth on both the buy and sell sides exceeding $1 million on most trading platforms.

SOL's liquidity has also declined, with one-sided market depth within 2% above and below its price falling from about $28 million last year to about $20 million. XRP's total market depth, meanwhile, has stabilized at about $30 million, including about $18 million in buy orders and about $14 million in sell orders. Although XRP's market capitalization is about 40% higher than SOL's, its market depth is lower because SOL's average daily trading volume is still about 25% higher.