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.  

区块链分析平台 Kaiko 进行了一项调查，揭示了最大的加密资产的流动性的复杂性，一些市值较低的资产击败了市值较高的资产。根据其第三季度流动性排名，XRP 和狗狗币 (DOGE) 在流动性排名中击败了 Solana 和 Cardano，仅次于比特币和以太坊。排名中也有一些令人惊讶的数字，比如 BNB 在流动性方面排名第八，而莱特币也表现出色。

Kaiko Analysis Highlights Liquidity For Crypto Assets

Kaiko 分析强调加密资产的流动性

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.

大量的加密资产总是让投资者产生一种想法，以某种程度对它们的估值进行排名，其中最常用的是市值。然而，根据 Kaiko 的说法，流动性以及交易量和市场深度等其他指标是衡量代币除市值之外的实际价值的更好方法。 FTX 的代币 FTT 最好地证明了这一点，其市场膨胀到接近 100 亿美元的峰值，而交易所却没有足够的流动性来支持这一点。

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. 

根据最新排名，比特币在流动性方面占据第一名。这并不奇怪，因为比特币自诞生以来一直牢牢控制着加密行业。以太坊在流动性方面紧随其后，重申其山寨币之王的地位。然而，Kaiko 的流动性排名开始偏离第三位的市值，BNB 表现大幅不佳，排在第八位。

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.

相反，XRP 在交易者之间的交易中击败了 Solana 和 Cardano（以太坊杀手）等，排名第四。 XRP 在本季度的流动性增加得益于该资产在美国获得了监管明确。尽管狗狗币在市值排名中排名第十，但仍排名第五，巩固了其作为模因币领导者的地位。尽管莱特币的市值排名第 18 位，但它在前五名中排名第 5。

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.

另一方面，AVAX 的流动性排名与其市值相比下降了 11 位，而 TON 尽管本季度市值排名第 9 位，但排名第 37 位。此外，ATOM、UNI、APT、TON、SHIB、OKB、LEO 和 CRO 均下降了 5 位以上。

What Does Liquidity Say About Dogecoin And Crypto Assets?

流动性对狗狗币和加密资产有何影响？

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.

Kaiko衡量流动性的指标包括不同交易所的点差和平均每日交易量。该分析平台还包括两个不同的市场深度级别：高频交易者为 0.1%，长期持有者为 1%。

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.

从交易量来看，BTC位居第一，ETH和XRP紧随其后。然而，SOL 在这一指标上击败了 DOGE，该季度销售额约为 20 亿美元。

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.

最重要的是，从长远来看，更大的流动性往往会带来加密货币更大的成功。 2023 年第四季度在加密货币流动性方面应该会讲述一个强劲的故事，因为大多数加密货币的市值都创下了年度新高。

Featured image from Shutterstock

来自 Shutterstock 的精选图片