Kaiko Data’s Research Analyst Conor Ryder has published a report on the liquidity of the top 30 altcoin projects in the cryptocurrency market. The report contains data that will attract the attention of many investors! Here are the details…
Kaiko Data has taken a close look at these 30 altcoin projects!
Kaiko Data’s Research Analyst Conor Ryder conveyed new data to his followers on Twitter in a report he shared recently. Research analyst Ryder included the top 30 altcoin projects in his report after Bitcoin surpassed $30,000 in the past 24 hours, and ranked each altcoin project to reach an overall asset liquidity score using market depth, volumes and distributions.
The results of the study, shared by Ryder on Twitter in a series of Tweets, showed which altcoin projects had the most misleading market cap when compared to their liquidity scores. Relying solely on market cap to evaluate cryptocurrency can be detrimental as it does not take into account factors such as token lock-in times and insider supplies that can lead to erroneous assessments and investment decisions, experts say. This information can empower investors to make informed decisions about cryptocurrency investments.
According to Ryder’s research, Dogecoin (DOGE) and Litecoin (LTC) stood out in the volume category, while Polkadot (DOT) did not perform the same. Meanwhile, Solana (SOL) and Binance Coin (BNB) were among the highlights in terms of market depth, with Binance Coin lagging behind in this category.
Also, Polygon (MATIC) and Cosmos (ATOM) were among the highlights in the bid spreads category, pointing to high liquidity. However, Solana (SOL) did not do well in this category. According to the report, Cosmos (ATOM) made a significant improvement in liquidity, rising five places in the ranking. Additionally, both Filecoin (FIL) and Litecoin (LTC) have experienced improvements in liquidity, though Ryder suspects that “wash trading” may have played a role in these changes.
On the other hand, Binance Coin (BNB) saw a significant drop in liquidity, dropping six places in the rankings. Tron (TRX) also fell, dropping three places in the rankings. Additionally, the report highlights several examples, including Binance Coin (BNB) that is less liquid than the market cap ranking suggests, and Polygon (MATIC), which is more liquid than the market cap ranking suggests. Also, Solana (SOL), Polkadot (DOT), and Shiba Inu (SHIB) are less liquid than market cap rankings indicate, while Alpha Token (APT) appears to be more liquid.
On the other hand, Kaiko recently reported that in the past four weeks, XRP has increased by almost 40 percent, outpacing other leading digital assets such as Bitcoin, mainly due to the contribution of retail investors.
General situation of the cryptocurrency market
On the other hand, the price of the leading cryptocurrency Bitcoin, on the other hand, lost 1 percent after the announcement of the FED minutes, and BTC fell back to $ 29,931.60. However, the decline in altcoin projects also reduced the total market value to $1.27 trillion, and this value has lost 0.8 percent in the last 24 hours.
On the other hand, investors of the leading altcoin Ethereum (ETH) are extremely excited about the Shanghai update. Many crypto investors will be able to withdraw their staked ETH. However, according to experts, investors lost a large amount of their staking. Therefore, experts do not expect investors to withdraw their staked ETH. Instantly, the leading altcoin ETH is at $ 1,905.59.
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