BTC Dominance Excluding Stablecoins

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BTC Dominance Excluding Stablecoins
Description:
The "BTC Dominance Excluding Stablecoins" indicator calculates Bitcoin's dominance as a percentage of the total cryptocurrency market capitalization, excluding the market caps of major stablecoins (USDT and USDC). Unlike the standard BTC.D ticker, which includes stablecoins in the total market cap, this indicator provides a clearer view of Bitcoin’s dominance relative to the "non-stable" crypto market. This can be useful for traders and analysts who want to assess Bitcoin’s strength without the influence of stablecoin market caps, which often skew dominance metrics during periods of high stablecoin usage.
How It Works:
Bitcoin Market Cap: Fetches Bitcoin’s market capitalization using CRYPTOCAP:BTC.

Total Market Cap: Retrieves the total cryptocurrency market cap via CRYPTOCAP:TOTAL.

Stablecoin Adjustment: Subtracts the market caps of USDT (CRYPTOCAP:USDT) and USDC (CRYPTOCAP:USDC) from the total market cap.

Dominance Calculation: Computes Bitcoin’s dominance as (BTC Market Cap / Adjusted Total Market Cap) * 100, where the adjusted total excludes stablecoins.

Output: Plots the resulting dominance percentage as a line chart.

Features:
Displays Bitcoin dominance excluding stablecoins on any timeframe.

Customizable line color and thickness for better visualization.

Provides a more accurate representation of Bitcoin’s market share in the volatile, non-stablecoin crypto ecosystem.

Usage:
Add this indicator to your TradingView chart to compare Bitcoin’s dominance against the broader altcoin market, free from stablecoin distortions. Use it alongside other indicators like BTC.D or price charts to analyze market trends, especially during periods of high stablecoin inflows or outflows.
Notes:
The indicator currently excludes USDT and USDC, the two largest stablecoins by market cap. Additional stablecoins (e.g., DAI, BUSD) can be added by modifying the script if desired.

Data is sourced from TradingView’s CRYPTOCAP symbols, which may have slight delays or variations depending on exchange data feeds.

Best used on daily or higher timeframes for smoother, more reliable results.

Author:
Created by K Du₿

Version:
Pine Script v5

12 thg 4

Phát hành các Ghi chú

The "BTC Dominance Excluding Stablecoins" indicator calculates Bitcoin's dominance as a percentage of the total cryptocurrency market capitalization, excluding the market caps of major stablecoins (USDT and USDC). Unlike the standard BTC.D ticker, which includes stablecoins in the total market cap, this indicator provides a clearer view of Bitcoin’s dominance relative to the "non-stable" crypto market. This can be useful for traders and analysts who want to assess Bitcoin’s strength without the influence of stablecoin market caps, which often skew dominance metrics during periods of high stablecoin usage.