BTC.D+Stablecoin Dominance
I think the days of just looking at BTC dominance are nearing its' end now that we have more stable (generally) crypto options to "cash out" to. Before USDT/USDC, bitcoin was the safest to cash out to. I calculated dominance of top 50 overall market cap stablecoins BUSD, USDC, USDT and DAI and then added BTC.D. This way we can paint a picture of overall market risk on vs off, removing the impact trading between BTC and stablecoins has on BTC.D alone.
Equation plugged into TradingView: BTC.D+(GLASSNODE:BUSD_MARKETCAP+GLASSNODE:USDT_MARKETCAP+GLASSNODE:USDC_MARKETCAP+CRYPTOCAP:DAI)/CRYPTOCAP:TOTAL*100
Any comments, questions/concerns are more than welcome!
Equation plugged into TradingView: BTC.D+(GLASSNODE:BUSD_MARKETCAP+GLASSNODE:USDT_MARKETCAP+GLASSNODE:USDC_MARKETCAP+CRYPTOCAP:DAI)/CRYPTOCAP:TOTAL*100
Any comments, questions/concerns are more than welcome!
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