Bitcoin Dominance (BTC.D)

Bitcoin dominance is Bitcoin's share of the total crypto market capitalization, expressed as a percentage. It shows how much of the market's wealth is concentrated in Bitcoin and how much is distributed among all other coins. The metric itself doesn't indicate price direction: dominance increases even in a falling market if altcoins fall faster than Bitcoin.

We divide Bitcoin's market cap by the total market cap of all cryptocurrencies included in the calculation and multiply the result by 100. We get market cap data from CoinGecko, and the historical data is compiled from CoinMetrics. Discrepancies with other sites arise due to the composition of the coins: each aggregator has its own list of assets and its own selection rules. A difference of a fraction of a percent is normal here, but between CoinMarketCap and CoinPaprika, it can reach up to three percentage points.

Both values ​​and exact dates are shown in the minimum and maximum charts above on this page—they are automatically recalculated for our entire data series, which has been maintained since 2019. The minimum dominance coincided with the peak of the altcoin season, when capital was fleeing Bitcoin en masse into hundreds of smaller coins. The maximum occurred during the period when the market had not yet recovered from the ICO collapse and money was held in Bitcoin. All market regimes we have observed fall between these two points.

Because thousands of other coins and tokens have market caps, and they all factor into the formula's denominator. Ethereum, BNB, Solana, XRP, and hundreds of smaller projects collectively weigh more than Bitcoin. Stablecoins are a different story: USDT and USDC aren't growing in price, but their market caps are enormous, constantly weighing on Bitcoin's share. That's why the figure never approached 100%, even during Bitcoin's strongest periods.

A rise means that money is flowing into Bitcoin or out of altcoins faster than out. This typically marks the beginning of a new cycle and any period when traders are reducing risk. A fall means the opposite: capital is being shifted into altcoins, often before altcoin season. This indicator should be read in conjunction with the Bitcoin price itself, as a price rise with increasing dominance and a price rise with decreasing dominance describe two completely different markets.

There's no direct formula linking them: dominance is calculated based on spot capitalization and has no bearing on futures. But the connection is clear in practice. When dominance rises, traders are more likely to hold long positions in Bitcoin and close positions in altcoins. During such periods, altcoin funding rates often fall into negative territory, while Bitcoin's remains positive. This is a convenient way to check whether the derivatives market confirms the movement indicated by dominance.