Everything except Bitcoin, added up. It is the most watched of the derived totals because it isolates the question people actually ask. When somebody says "alts are moving", TOTAL2 is the number that would show it.
Live. The figure above updates in your browser while this page is open, and the page was built with a real one in it rather than a blank.
The plain description
Everything except Bitcoin, added up. It is the most watched of the derived totals because it isolates the question people actually ask.
When somebody says "alts are moving", TOTAL2 is the number that would show it.
Stated so you could reproduce it
TOTAL minus the Bitcoin market cap. On this board it is computed as TOTAL multiplied by one minus Bitcoin dominance, from the same response, so the three totals always agree with each other.
The bands, and what each one actually means
| Reading | What it indicates |
|---|---|
| Rising faster than TOTAL | Money is favouring things other than Bitcoin. This is the condition people mean by a broadening market. |
| Flat while TOTAL rises | The move is Bitcoin. Dominance will be rising at the same time, and it is the same fact stated twice. |
| Falling faster than TOTAL | Risk-off. Alts fall harder than Bitcoin in a sell-off far more often than not. |
The part that gets left out
- It still contains every stablecoin. About a tenth of TOTAL2 can be dollars rather than positions, which blunts it as a risk measure.
- It still contains Ethereum, which is large enough to dominate the reading on its own. That is what TOTAL3 exists to strip out.
- It inherits every weakness of TOTAL: estimated supplies, thin markets and provider specific asset lists.