When evaluating spot exchanges based on order book depth, Bitfinex appears the most liquid

Quick Take

  • Bitfinex has the most liquid Bitcoin, Ethereum and XRP pairs
  • Other than Bitfinex, Coinbase, Kraken, Bitstamp, Binance, and FTX appear to have the deepest liquidity when it comes to BTC, ETH, and XRP
  • Bitcoin appears to be four times as liquid as Ethereum and more than 9 times as liquid as XRP
Evaluating exchanges by order book depth is far superior for traders rather than just looking at the trading volume. Following the Bitwise study, it’s now widely known that the vast majority of the reported trading volume is not real. In May, The Block’s research team analyzed 48 cryptocurrency exchanges and found that up to 86% […]

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