Ethereum's market capitalization as a percentage of the market capitalization of every crypto asset. Same arithmetic as Bitcoin dominance, applied to the second largest asset. It is read differently, though, because Ethereum sits at the center of a much larger dependent ecosystem. A great many tokens live on Ethereum or on a network settling to it, and their fortunes are correlated with its own in a way that Bitcoin's are not.
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The plain description
Ethereum's market capitalization as a percentage of the market capitalization of every crypto asset. Same arithmetic as Bitcoin dominance, applied to the second largest asset.
It is read differently, though, because Ethereum sits at the center of a much larger dependent ecosystem. A great many tokens live on Ethereum or on a network settling to it, and their fortunes are correlated with its own in a way that Bitcoin's are not.
Stated so you could reproduce it
Ethereum market cap divided by total crypto market cap, times 100.
The same denominator caveat applies as for Bitcoin dominance: "all crypto" is whatever the provider lists, so figures differ slightly between sites.
The bands, and what each one actually means
| Reading | What it indicates |
|---|---|
| Rising against a flat Bitcoin dominance | Capital is rotating toward Ethereum and usually toward what is built on it, rather than out of the market. |
| Falling while Bitcoin dominance rises | The classic risk-off rotation: out of the application layer and into the oldest, most liquid asset. |
| Both falling together | Money is spreading into assets outside the two majors. Check the alt season reading before calling it anything. |
The part that gets left out
- Ethereum dominance understates the Ethereum economy. A large share of what a layer 2 token, a DeFi token or a liquid staking token is worth depends on Ethereum, and none of that is inside this number.
- Staked and bridged derivatives are counted as their own assets by most providers, so the same underlying ether can appear in the denominator more than once under different names.