Ethereum Outpaced Bitcoin in Q3 as Order Book Depth Fell to 35%-45% of Bitcoin’s
Ethereum significantly outperformed Bitcoin in the third quarter, with ETH rising roughly 70% compared with Bitcoin’s 42%, while liquidity near Ethereum’s market price weakened during the same period.
According to Coin Bureau, data from CoinGecko shows that Ethereum’s order book depth near its market price fell to between 35% and 45% of Bitcoin’s. The level was down from at least 60% of Bitcoin’s order book depth a year earlier.
Ethereum Gains Outpaced Bitcoin
Ethereum’s roughly 70% quarterly gain gave the second-largest cryptocurrency a substantial performance advantage over Bitcoin, which rose 42% over the same period. The comparison underscores the difference in price performance between the two assets during Q3.
However, the stronger performance came alongside a decline in Ethereum’s relative order book depth. CoinGecko data cited by Coin Bureau indicates that the amount of liquidity available near Ethereum’s market price was equivalent to only 35% to 45% of Bitcoin’s depth, compared with at least 60% a year earlier.
Thinner Order Books Can Amplify Price Moves
Order book depth reflects the amount of buy and sell liquidity positioned around the current market price. When that depth becomes thinner, large trades can have a greater effect on available liquidity and the price at which transactions are executed.
Coin Bureau noted that thinner order books can mean larger price movements from large trades in either direction. That means Ethereum’s reduced relative depth is relevant not only during periods of gains but also when substantial selling or buying activity enters the market.
The data therefore presents two distinct developments for Ethereum in Q3: ETH gained roughly 70%, significantly more than Bitcoin’s 42%, while its order book depth near market price declined relative to Bitcoin. CoinGecko’s figures put Ethereum’s depth at 35% to 45% of Bitcoin’s, compared with at least 60% one year earlier.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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