Bitcoin dominance (BTC.D) is Bitcoin’s share of the total cryptocurrency market capitalization counted by a particular data provider. It can help describe how Bitcoin’s market value compares with the broader market, but it is not a direct measure of money moving between coins or a reliable stand-alone signal that altcoins are about to rise.
How Bitcoin dominance is calculated
The basic calculation is:
Bitcoin dominance = Bitcoin market capitalization ÷ total crypto market capitalization × 100%
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Market capitalization is conventionally an asset’s price multiplied by its circulating supply. CoinMarketCap explains its circulating-market-cap calculation and aggregate-market-cap methodology in its market-capitalization glossary. CoinGecko likewise describes an asset’s capitalization as price times circulating supply and its global figure as the sum of the projects it tracks in its methodology.
The total is not necessarily identical across providers. Tracked assets, supply estimates, prices, and inclusion rules shape both the numerator and denominator. For comparisons over time, use the same provider and check its methodology and chart settings. CoinMarketCap defines its Bitcoin Dominance Index as tracking Bitcoin’s total market capitalization relative to the total market cap of digital assets on its Bitcoin-dominance glossary page.
What a rising or falling BTC.D can tell you
A rising BTC.D means Bitcoin’s share of the provider’s measured crypto market cap has increased; a falling figure means that share has decreased. That is a statement about relative market-cap share, not proof that investors sold one particular coin and bought another.
The ratio can change because Bitcoin’s market cap moves, other assets’ market caps move, or the set of assets counted in the total changes. A falling BTC.D does not, by itself, show that altcoins are rising in dollar terms. CoinGecko’s Bitcoin-dominance explainer recommends considering the measure alongside Bitcoin’s price; that context can help interpretation, but it does not turn the ratio into a dependable forecast.
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Why stablecoins can change the picture
Stablecoins are included in total crypto market capitalization by providers such as CoinGecko. If stablecoin capitalization grows, the denominator can expand and Bitcoin’s percentage share can fall even without broad speculative demand for altcoins. CoinGecko also describes a risk-off scenario in which crypto assets are sold for stablecoins: BTC.D may decline while appetite for riskier altcoins remains weak.
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How to use BTC.D when considering altcoins
- Keep the source consistent. Compare readings from the same provider, and check which assets and supply estimates its total includes.
- Note the timeframe and denominator. A reading from one date or chart interval may not be comparable with another. Check whether stablecoins and other assets are included.
- Check Bitcoin’s price alongside the ratio. BTC.D alone cannot tell whether Bitcoin is rising or falling in dollar terms.
- Compare the altcoin you care about directly. Look at its performance against BTC and against a cash or stablecoin reference over the same period. This separates relative performance from a change in the total-market denominator.
- Treat the result as context, not a buy signal. The measure describes market-cap share; it does not establish future performance.
Historical context: CoinGecko’s Q2 2025 figure
CoinGecko’s Q2 2025 industry report states that Bitcoin dominance reached 62.1% in that quarter. This is a dated, provider-specific historical figure, not a current reading; the live percentage changes and should be checked on the provider’s chart before being quoted as present-day data. The report is available at CoinGecko’s Q2 2025 crypto industry report.
Quick Recap
What to compare between BTC.D charts
- Provider and asset universe: Which cryptocurrencies are counted, and how are circulating supplies estimated?
- Denominator treatment: Are stablecoins included in the total?
- Date and interval: Is the number a live reading, a daily close, or a historical point?
- Measure type: Is the chart showing Bitcoin’s share of the broad crypto market or a narrower altcoin measure?
- Market context: What happened to Bitcoin’s price and to the relevant altcoins over the same period?
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