Introducing the Kaiko Crypto Asset Ranking

Layer 1

Bitcoin

Ethereum

Layer 2

04/11/2025

BTC tops the ranking, only AAA-rated asset.
ETH and XRP tied for second.
Only one token from post-2023 ranked in the top 10.

Introducing the kaiko crypto asset ranking

This week we’re releasing the Kaiko Asset Ranking. The latest in our series of rankings, this is an iteration of our previous asset ranking, which only took into account liquidity. The new version accounts for more than just liquidity, it aims to encompass a broader range of metrics that truly measure the tradability of an asset at scale. As crypto continues its journey towards institutionalization this ranking will provide an objective, reproducible, and explainable score, allowing for comparisons between assets and tracking their performance over time.

The new ranking evaluates Volume, Liquidity, and Market Capitalization, while also considering Market Availability, Maturity, and Custody. Scores across these criteria are normalized and tallied, with final scores calculated out of 100. Each asset score is then mapped to a Kaiko Asset Rating, ranging from AAA to B, with the former representing the highest possible rating.

Screenshot 2025-11-03 at 18.42.41

Bitcoin dominated with a perfect score of 100, and attained the only AAA rating. Note that Bitcoin is the only cryptocurrency to have achieved this maximum score. To complete the podium, we then find ETH and XRP in second place, both with the same score, 95.

Read more on this in our latest Data Debrief now!

Want the full analysis?

Subscribe to Kaiko Research Premium for more market insights.

Get the full analysis

Data Used In This Analysis

Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

Market Explorer

Price and transaction volume for centralized and decentralized exchanges.

Level 1 & Level 2 Market Data

Tick and aggregated market data, from cryptocurrency exchanges.

Blockchain Monitoring Tool

All users, all transactions, and all history for blockchain wallets.

Macro

20/01/2026 Data Debrief
Infrastructure Is Holding Back Tokenization
Real-world asset tokenization has evolved from a theoretical exercise into a measurable market, but the data reveals a split reality. Stablecoins have achieved massive scale, while tokenized securities, commodities, and infrastructure tokens remain concentrated, illiquid, and far from self-sustaining.

Written by Laurens Fraussen
Macro

13/01/2026 Data Debrief
Positioning for $100K: Signals and Key Catalysts
This week’s Data Debrief examines the positioning dynamics beneath the surface of the early January rally. Extraordinary call volume concentration at and around the $100,000 strike, an inverted volatility term structure, and neutral funding rates suggesting balanced leverage.

Written by Adam Morgan McCarthy
Indices

06/01/2026 Data Debrief
The Rise and Repricing of Digital Asset Treasuries
As digital assets mature and market structure deepens, corporate and institutional crypto holdings are being reclassified from speculative bets to managed treasuries. Instead of sitting passively on balance sheets, these positions are increasingly treated as a distinct asset pool, with dedicated strategies for liquidity, risk, and yield.

Written by Laurens Fraussen
Derivatives

29/12/2025 Data Debrief
Santa Rallies, Cycles, and Year-End Reflections for Bitcoin
As markets approach the end of the year, Bitcoin finds itself at a familiar crossroads, caught between cyclical behavior and a steadily developing market. While year-end seasonality has historically played a role in shaping price action, recent data suggests that cyclical drivers are increasingly dominant.

Written by Laurens Fraussen