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.

Derivatives

09/02/2026 Data Debrief
Bitcoin's Latest Drop Signals Halfway Point of Bear Market
Last week’s correction triggered approximately $9 billion in liquidations and pushed stablecoin dominance above 10%, exceeding levels last seen during the FTX collapse.

Written by Laurens Fraussen
Binance

02/02/2026 Data Debrief
Fed Reforms Spark Cross-Asset Volatility Spike
The final week of January 2026 delivered a stress test across multiple markets simultaneously. As the Federal Reserve held rates steady at 3.5-3.75% amid leadership transition uncertainty, Bitcoin declined 15% from $88,000 to $74,500, triggering ~$7 billion in liquidations.

Written by Laurens Fraussen
Macro

26/01/2026 Data Debrief
Tariff Uncertainty Exposes Bitcoin's Identity Crisis
Tariff volatility exposed Bitcoin’s ongoing identity crisis. Trump’s Greenland tariff threats triggered a violent round-trip in crypto markets, with Bitcoin plunging below $88,000 while gold surged over 5%, highlighting their inverse correlation. Behind the headlines, orderbook depth remained surprisingly stable even as the CME basis collapsed into negative territory for the first time in years, signaling the unwind of institutional carry trades that had anchored demand since ETF launches.

Written by Laurens Fraussen
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