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).

區塊鏈分析平台 Kaiko 的分析顯示，XRP 和狗狗幣 (DOGE) 是流動性最強的四種加密貨幣之一，僅次於比特幣 (BTC) 和以太幣 (ETH)。

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

這項發現挑戰了傳統觀點，即市值是評估加密貨幣價格以及流動性的一個健康指標。

Assessing Crypto Liquidity: What Factors Were Considered?

評估加密貨幣流動性：考慮了哪些因素？

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. 

Kaiko 在報告中認為，衡量資產交易難易度的流動性可以更準確地反映加密貨幣的真實價值。 Kaiko 表示，市值和完全攤薄後的價值無法全面反映加密貨幣的價值主張。

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.

為了衡量市值，資產的價格和流通中的代幣起著至關重要的作用。同時，流動性通常會考慮價格以外的多種因素，包括支持交易所以及透過點差量化的相同資產的交易成本。

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.

在衡量資產流動性時，Kaiko 的分析考慮了兩個市場深度等級：0.1% 和 1%。為了正確評估交易者的流動性水平，使用 0.1% 的市場深度作為衡量標準。同時，使用1%的市場深度讀數來追蹤長期持有者的流動性。

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

Kaiko 在此表示，這兩個類別的流動性在 2023 年第三季全面下降。

XRP, DOGE, And LTC Shining, AVAX Drops

XRP、DOGE、LTC 閃亮，AVAX 下跌

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. 

Kaiko 指出，XRP、DOGE、Cardano (ADA) 和 Solana (SOL) 的表現均與其流動性方面的市值排名一致。 XRP 和 DOGE 躋身前四名，儘管它們總體上仍然是流動性最強的，以市值為主導。

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.

即便如此，萊特幣（LTC）的表現仍優於其市值評級，在最具流動性的加密貨幣中排名第五。根據 CoinMarketCap 的數據，LTC 排名第 17 位，市值超過 56 億美元。

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.

雖然 LTC 表現出色，但 Uniswap (UNI)、Avalanche (AVAX)、Shiba Inu (SHIB) 和 Cosmos (ATOM) 等其他貨幣的流動性排名卻有所下降。 AVAX 的流動性大幅虧損，排名下降 11 位。儘管該代幣在過去幾個月的交易中表現出色，但情況仍然如此。

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

從量化角度來看，AVAX 的表現超過了比特幣 (BTC)，僅在過去兩個月就上漲了 400% 以上。

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.

同時，由於比特幣現金（BCH）價格在上個季度表現出色，它是流動性成長最快的貨幣之一。價格上漲也將交易量推至新水平，增加了流動性。

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

同時，Kaiko 指出，以太坊經典 (ETC)、Tron (TRX) 和 Stellar (XLM) 的排名有所上升。