#交易流动性 **Topic: Liquidity in Cryptocurrency Trading - The Lifeblood of the Market**

Trading liquidity measures the ability of an asset to be bought and sold quickly and close to the market price without significantly affecting the price. It is the core lifeblood of the crypto market:

1. **High Liquidity (e.g., Major Pairs like BTC/USDT):**

* **Performance:** Deep order book (large buy/sell volumes), narrow bid-ask spread.

* **Advantages:** Fast execution, low slippage, low impact cost for large orders, relatively stable prices. It is a hallmark of a healthy market.

2. **Low Liquidity (e.g., Obscure Altcoins):**

* **Performance:** Sparse order book, huge price spreads.

* **Risks:** Difficult to execute trades, even small transactions can lead to significant price fluctuations (high slippage), prone to manipulation (pump/dump).