Comment by @mcsquared • Hey
Does this count stable coins ?
Comments
- Hey 👋🏻
This dominance metric includes stablecoins as alts. I understand your question, but excluding stablecoins in TradingView would result in a loss of many data points.
In the first image, you can see BTC dominance compared to alts when excluding popular stablecoins (USDC, USDT, DAI, and BUSD). This is on the same timeframe as the original post. I did not remove stables pegged to the Gold and other pegged assets.
To enhance our analysis, let's refine it further. In the second image, BUSD is removed from the excluded assets, providing us with almost 4 additional years of data! 🤩
You can use the following formula directly in TradingView for this: `CRYPTOCAP:BTC.D*CRYPTOCAP:TOTAL/(CRYPTOCAP:TOTAL-CRYPTOCAP:USDT-CRYPTOCAP:USDC-CRYPTOCAP:DAI)`
Feel free to add or remove other stablecoins and inspect the outputs.
Despite variations, all these graphs follow a similar pattern. Of course, removing most USD stablecoins makes BTC dominance even more prominent.
The third image showcases sampled bar pattern of BTC dominance on alts, excluding USDC, USDT, and DAI, and it is put over a BTC dominance graph against all coins. The orange bars represent the sampled data. Here you can observe that the pattern is quite similar, but the dominance is, in fact, higher: 57.5/57.6 when you exclude USD-pegged stables.