Ether surged 70 percent in the third quarter, outperforming bitcoin’s 42 percent gain over the same period. This rally hides a sharp decline in liquidity: Ether’s median market depth represented between 35 and 45 percent of bitcoin’s from July 6 to September 30, compared with at least 60 percent a year earlier. At less than 0.15 percent from the price, Ether shows only 13 to 14 million dollars in orders, making large trades more prone to slippage. XRP draws buyers with 18 million dollars in bids against 14 million in asks, and is scheduled to list on the Nasdaq on October 8 under the ticker XRPN. Solana’s depth fell from 28 to 20 million dollars in one year, a near 30 percent reduction, despite a daily volume 25 percent higher than XRP’s.
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