Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
, the largest cryptocurrency by market value, bottomed out in the same month. It has since rallied 70% to $34,300. However, scars from the collapse of FTX and Alameda are still evident in the form of weak liquidity and market depth, which is the market's ability to absorb large orders at stable prices., and the top 30 alternative cryptocurrencies by market value is currently $800 million, 55% lower than a year ago, Dessislava Aubert, research analyst at Paris-based Kaiko, said in an email.
The substantial deterioration in liquidity, referred to as the Alameda Gap by Kaiko, means higher slippage costs for traders looking to execute large orders. Slippage refers to the difference between the expected cost of a trade and the actual cost of execution. Weak liquidity also means a few large orders can have an outsized impact on prices and breed price volatility.
The 2% market depth struggles to recover from the crash seen a year ago after FTX and Alameda Research went bust.
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