Altcoin Rally: This Time the Data’s Different

Ethereum

Liquidity

XRP

Written by The Kaiko Research Team

21/07/2025

Altcoins outperform as ETH leads rally
Solid liquidity backdrop supports move in alts
XRP clocks record high after seven years

Gap grows between Bitcoin and altcoins.

Altcoins are outperforming BTC as ETH and XRP lead monster rally, with the latter notching a new record high for the first time in seven years last week. Altcoin spot trading volumes have surged during the rally, with daily volumes for top altcoins reaching as much as $44 billion last week. As a result, combined altcoin volume eclipsed BTC on several days.

Furthermore the move higher in prices has been supported by healthy order book liquidity. Looking at 1% market depth (the sum of all bids and asks 1% from the mid-price), we can see every major alt has improved in the past few weeks. ETH is at annual high at an average of nearly $20mn, while XRP’s record-breaking move is supported by a healthy order book.

Screenshot 2025-07-21 at 14.03.27

With volumes being matched by increased liquidity, despite seasonly lower trading activity, this suggests more sustain interest and support for the current move. This might signal the beginning of a long-await altcoin season.

Data Used In This Analysis

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