That trick costs a bunch of money in fees though. Volume is still a better measure than market cap. And If you don't like using the volume or market cap, what do you use?
> That trick costs a bunch of money in fees though.
Only if the exchange in question charges trading fees.
> And If you don't like using the volume or market cap, what do you use?
Market depth. Looking at the order book to see how much money is bidding on/being sold for bitcoins right now. See my reply to other comments for an elaboration.
market depth understates liquidity dramatically because a lot of liquidity is hidden / dark. Nobody is going to show a big order in a super volatile asset.
