Ether's bitcoin-beating Q3 rally came with a catch. Liquidity thinned.
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Ethereum's native token ether ETH $2 725,23 had a better third quarter than bitcoin BTC $86 293,44.
Key facts
- Ethereum's native token ether ETH $2 725,23 had a better third quarter than bitcoin BTC $86 293,44
- Ether had $13 million to $14 million in depth within 0.15% of its market price
- SOL's depth within 2% of the market price fell from about $28 million on each side of the order book last year to around $20 million this year
- Yet between July 6 and Sept. 30, its median daily market depth was 35% to 45% of bitcoin's, according to a report by CoinGecko
Summary
But the token’s liquidity thinned out relative to bitcoin, according to Coingecko. Ether's price surged 70% in the quarter, outpacing bitcoin's 42% gain. Market depth is the standard way to measure liquidity. Ether had $13 million to $14 million in depth within 0.15% of its market price.