Total Crypto Valuation vs. Trendline

This is the trendline chart flattened into a single oscillator: the ratio of total market cap to its median trendline fit. 1.0 means the market sits exactly on trend; 2.0 means double the trend; 0.5 means half.

Cycle tops have historically pushed the ratio far above 1 and bear bottoms well below it, making this the market-wide cousin of the risk metric. Reading today's value against past extremes is the quickest "is crypto as a whole cheap or dear?" check on the site.