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).

区块链分析平台 Kaiko 的分析显示，XRP 和狗狗币 (DOGE) 是流动性最强的四种加密货币之一，仅次于比特币 (BTC) 和以太坊 (ETH)。

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

这一发现挑战了传统观点，即市值是评估加密货币价格以及流动性的一个健康指标。

Assessing Crypto Liquidity: What Factors Were Considered?

评估加密货币流动性：考虑了哪些因素？

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 在报告中认为，衡量资产交易难易程度的流动性可以更准确地反映加密货币的真实价值。 Kaiko 表示，市值和完全摊薄后的价值无法全面反映加密货币的价值主张。

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.

为了衡量市值，资产的价格和流通中的代币起着至关重要的作用。与此同时，流动性通常会考虑价格以外的多种因素，包括支持交易所以及通过点差量化的同一资产的交易成本。

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.

在衡量资产流动性时，Kaiko 的分析考虑了两个市场深度水平：0.1% 和 1%。为了正确评估交易者的流动性水平，使用 0.1% 的市场深度作为衡量标准。同时，使用1%的市场深度读数来跟踪长期持有者的流动性。

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

Kaiko 在此表示，这两个类别的流动性在 2023 年第三季度全面下降。

XRP, DOGE, And LTC Shining, AVAX Drops

XRP、DOGE、LTC 闪亮，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) 的表现均与其流动性方面的市值排名一致。 XRP 和 DOGE 跻身前四名，尽管它们总体上仍然是流动性最强的，以市值为主导。

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，莱特币（LTC）的表现仍优于其市值评级，在最具流动性的加密货币中排名第五。根据 CoinMarketCap 的数据，LTC 排名第 17 位，市值超过 56 亿美元。

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.

虽然 LTC 表现出色，但 Uniswap (UNI)、Avalanche (AVAX)、Shiba Inu (SHIB) 和 Cosmos (ATOM) 等其他货币的流动性排名却有所下降。 AVAX 的流动性大幅亏损，排名下降 11 位。尽管该代币在过去几个月的交易中表现出色，但情况仍然如此。

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

从量化角度来看，AVAX 的表现超过了比特币 (BTC)，仅在过去两个月就上涨了 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.

与此同时，由于比特币现金（BCH）价格在上个季度表现出色，它是流动性增长最快的货币之一。价格上涨也将交易量推至新水平，从而增加了流动性。

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

与此同时，Kaiko 指出，以太坊经典 (ETC)、Tron (TRX) 和 Stellar (XLM) 的排名有所上升。