Well, a big part of the sparsity of the order book is that the tick size is tiny for a market this immature.
Take the USD/JPY rate for example, which moves in ticks of 0.01 and is currently sitting at 101.83, so the tick size is 0.0098% of the price (or about 1 basis point). This is a mature currency market between two giant countries.
By comparison, BTC/USD also moves in increments of 0.01 but its price is 655, so the tick size is 0.0015% of the price (0.15 basis points) which is absolutely tiny for such a thinly traded market.
I'd suggest that it should be trading in ticks at least 10 times larger. A cursory glance at the order book (top of book is currently 654.03 and the tenth level is 653.00 on the bid) shows that this would result in the first ten levels being filled most of the time. If it traded in increments of $0.20 (20 times the current tick) then the first ten levels would easily be filled.
Take the USD/JPY rate for example, which moves in ticks of 0.01 and is currently sitting at 101.83, so the tick size is 0.0098% of the price (or about 1 basis point). This is a mature currency market between two giant countries.
By comparison, BTC/USD also moves in increments of 0.01 but its price is 655, so the tick size is 0.0015% of the price (0.15 basis points) which is absolutely tiny for such a thinly traded market.
I'd suggest that it should be trading in ticks at least 10 times larger. A cursory glance at the order book (top of book is currently 654.03 and the tenth level is 653.00 on the bid) shows that this would result in the first ten levels being filled most of the time. If it traded in increments of $0.20 (20 times the current tick) then the first ten levels would easily be filled.