Market Cap · BTC
Altcoin Market Capitalizations
What the market is worth once Bitcoin is removed — and then Ethereum and stablecoins too.
total − BTC ($B)total − BTC/ETH/stables ($B)
Understanding this chart
Two views of the market without its anchor: total minus BTC (everything that isn't Bitcoin), and total minus BTC, ETH, and stablecoins (the speculative long tail). Log scale.
The second line is the purest alt-season gauge: stablecoins don't speculate and ETH half-behaves like a major, so what's left is the risk appetite frontier. Its cycles are more violent than BTC's in both directions — the same chart shape, amplified.