Ethereum’s native token, ether, saw a stronger price performance than bitcoin in the third quarter of the year. However, data from CoinGecko shows that while ether’s price climbed, its market liquidity declined compared to bitcoin, making it more difficult for traders to move larger sums without affecting prices.
Ether price performance and thinning market depth
Ether’s price surged by 70% during the third quarter, outpacing bitcoin’s 42% increase over the same period. Despite these gains, liquidity in ether trading deteriorated. According to CoinGecko, ether’s median daily market depth between July 6 and September 30 stood at just 35% to 45% of bitcoin’s, a significant decrease from at least 60% in the same period last year. CoinGecko described this as “a stark drop from last year’s figures.”
Market depth, a standard liquidity measure, represents the total dollar value of buy and sell orders on exchanges within a set range of the current price. Deeper markets allow larger trades without causing significant price swings, while thinner markets are more sensitive to big orders.
During the quarter, ether maintained a depth of $13 million to $14 million within 0.15% of its market price. This figure reflects how much capital was available in orders close enough that clearing them would only move the token’s price slightly. Such liquidity is crucial for both routine and sizable transactions.
CoinGecko’s findings challenge the common assumption that rising prices bring increased trading activity and deeper order books. Ether’s case demonstrated the opposite, as improvements in price did not translate into greater liquidity.
During the report period, CoinGecko noted, “ETH remains fairly liquid at this range [within 0.15% of the market price], with most exchanges maintaining over $1 million in depth on each side.”
Broader liquidity trends across major tokens
Ether is not alone in experiencing thinner liquidity. Solana’s SOL token, viewed by many as a key Ethereum competitor, also saw reduced market depth. CoinGecko measured SOL’s liquidity within a broader 2% range of the market price.
The study found that SOL’s depth within 2% of the market price fell from about $28 million per side last year to around $20 million this year. Depth at this distance from the market price offers insight into how much buying or selling pressure the market can digest before triggering substantial price changes. For solana, declining depth means the token may see more pronounced swings in turbulent trading.
XRP, a payments-focused digital asset, maintained total depth near $30 million. However, its order books favored buyers, with bids totaling close to $18 million and asks at $14 million. XRP’s market capitalization is roughly 40% larger than solana’s, yet SOL retains deeper order books within 2% of its price.
CoinGecko attributed this to solana’s higher trading volumes, noting that SOL trades about 25% more than XRP on an average day.
| Token | Q3 Price Change | Market Depth (2024) | Market Depth (2023) | Market Cap Relative to SOL |
|---|---|---|---|---|
| Ether (ETH) | +70% | $13-14M within 0.15% | At least 60% of BTC depth | Larger than SOL |
| Bitcoin (BTC) | +42% | 100% reference | 100% reference | N/A |
| Solana (SOL) | Not specified | $20M within 2% | $28M within 2% | Smaller than XRP |
| XRP | Not specified | $30M within 2% | Not specified | 40% bigger than SOL |
CoinGecko is a leading global cryptocurrency data and analytics platform that tracks price, volume, and market metrics for thousands of tokens, providing real-time insights for both retail and institutional market participants.
Mini dictionary: CoinGecko, a crypto analytics provider offering market data, price tracking, and in-depth reports on digital assets and exchanges.
For SOL, CoinGecko observed, “The overall liquidity for SOL has shrunk considerably since 2025.”
