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According to the TokenInsight Dashboard, multiple altcoins had an obvious increase in the market liquidity depth at major exchanges before yesterday's price jump.
Among the altcoins, LTC had one of the most significant buying order increases. Starting from 9 am UTC yesterday, the depth of LTC buying orders began to increase, suddenly rising from around $3.5 million, which had lasted for a long time, to more than $5 million. Correspondingly, the selling orders also increased. The price of LTC then started going up a few hours later.
Before the price of XRP began to rise from 2 pm UTC yesterday, its buying orders increased from $5.3 million at 8 am to more than $8 million at 10 am.
Similar to LTC and XRP, the bid orders of SOL and SUI have also increased significantly since around 9 am UTC yesterday. SOL's buying orders increased by more than $1.2 million in one hour, while SUI almost doubled its bids, from $760K to $1.46 million. This is the first time since August 25 that SUI's buying orders exceeded $1 million. A few hours later, the prices of SOL and SUI also went up.
TokenInsight Dashboard has added the exchange aggregated orderbook liquidity data of 7 altcoins, which are XRP, SOL, SUI, DOGE, BNB, LTC, and MATIC. The aggregated depth chart of the tokens' bid and ask orders is obtained by aggregating the depth within a 1% price range from the five exchanges with the best liquidity: Binance, Coinbase, Kraken, Bitfinex, and KuCoin. If you want to understand the specific selection rules for each trading pair on these exchanges, data calculation rules, and how to interpret the above chart, check Learn what liquidity is, methodology of data calculation, and how to read the charts.
It's important to note that there are many factors influencing the price of cryptocurrencies, and while individual order book data can reflect certain factors, it cannot be the sole consideration. Changes in the depth of ask and bid orders in the order book may directly impact subsequent prices, but they can also be influenced by price fluctuations.
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