Join us for our latest webinar in collaboration with Cboe

Sign up now
Log In Kaiko Data
  1. Home
  2. Insights

  3. Introducing the Kaiko Crypto Asset Ranking

Introducing the Kaiko Crypto Asset Ranking

Layer 1

Bitcoin

Ethereum

Layer 2

Written by Adam Morgan McCarthy , Thomas Probst

04/11/2025

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! This week we’re releasing our latest Kaiko Crypto Asset Ranking. This time the scoring has developed beyond a simple liquidity ranking to encompass a broader range of metrics that truly measure the tradability of an asset. As well as looking at volume, liquidity, and market capitalization the new ranking also considers market availability, maturity, and custody scores.

    • 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.

      Learn more

    • Level 1 & Level 2 Market Data

      Tick and aggregated market data, from cryptocurrency exchanges.

      Learn more

    • Blockchain Monitoring Tool

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

      Learn More

    More From Kaiko Research

    • Hyperliquid

      09/03/2026 Data Debrief

      Bitcoin Ranges While Traditional Assets Find New Home on Crypto Rails

      As Bitcoin ranges between $60k and $72k following the early February sell-off, the crypto market navigates competing forces, with geopolitical shocks testing 24/7 infrastructure and options markets pricing elevated volatility into the Federal Reserve’s March 18th decision.

      Written by Laurens Fraussen

    • Ethereum

      02/03/2026 Data Debrief

      The Pressure of Dilution on Layer 1 Valuations

      As Layer 1 tokens are increasingly traded through ETFs and evaluated like equity investments, the market is discovering an uncomfortable truth, most major blockchains operate as loss-making businesses. With Ethereum posting $1.62B in annual losses and Solana bleeding $4.15B despite generating hundreds of millions in fee revenue, validator dilution costs consistently outpace income by 7-25x.

      Written by Laurens Fraussen

    • Ethereum

      23/02/2026 Data Debrief

      Staking Products Launch Despite Treasury Failures

      As crypto volatility continues, the markets are testing whether institutional ETH adoption follows price or infrastructure development. With ETH plunging 50% from its mid-2025 peaks to $2,000, this triggered a 95%+ collapse in equity treasury vehicles like ETHZilla and $4B in spot ETF outflows.

      Written by Laurens Fraussen

    • Prediction Markets

      16/02/2026 Data Debrief

      Prediction Markets Liquidity In Focus

      Prediction markets captured mainstream attention throughout 2025 as Polymarket processed over $2 billion in election-related volume. The post-election collapse from $1 billion to $200 million in open interest exposed fundamental questions about sustainability.

      Written by Laurens Fraussen