Everything except Bitcoin and Ethereum. It is the narrowest of the four totals and the closest thing to a measure of the broad, speculative middle of the market. Its whole purpose is the comparison with TOTAL2. Two numbers that disagree tell you something a single number cannot.
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 and Ethereum. It is the narrowest of the four totals and the closest thing to a measure of the broad, speculative middle of the market.
Its whole purpose is the comparison with TOTAL2. Two numbers that disagree tell you something a single number cannot.
Stated so you could reproduce it
TOTAL minus the Bitcoin market cap minus the Ethereum market cap. Computed here as TOTAL multiplied by one minus Bitcoin dominance minus Ethereum dominance, from the same response as the other totals.
The bands, and what each one actually means
| Reading | What it indicates |
|---|---|
| Rising while TOTAL2 is flat | The move is in the broad market rather than in Ethereum. This is the reading most associated with a genuinely broad rally. |
| Flat while TOTAL2 rises | The move is Ethereum. TOTAL2 without TOTAL3 beside it would have looked like alts broadly. |
| Falling hardest of the four | The usual pattern in a sell-off. The further from Bitcoin, the harder the fall, almost every time. |
The part that gets left out
- It still contains the stablecoins, and at this size they are a larger proportion of the figure than they are of TOTAL. Read it alongside the stablecoin tiles.
- It contains the thinnest markets on the board, so it inherits the most estimation error of the four totals.
- It has no view on quality. A large TOTAL3 is not evidence that anything in it works.