The denominator changes the result#
A dominance calculation depends on which assets are included and how price, circulating supply and market capitalization are estimated. CoinGecko and CoinMarketCap publish methodologies showing that market capitalization is derived from price and circulating supply, while global capitalization sums an eligible asset universe. Including or excluding stablecoins, wrapped assets, illiquid tokens or unverifiable supply changes the denominator and the percentage.
Altcoin season is not one standard measure#
Altcoin-season indices can use different token baskets, return windows, ranking cutoffs and thresholds. Some include stablecoins or recently listed assets; others exclude them. A label from one methodology may not appear under another, and survivorship or changing eligibility can distort historical comparisons unless the earlier universe is reconstructed rather than replaced with today's winners.
Market share is not price direction#
Dominance can rise while Bitcoin rises, falls or moves sideways because the ratio reflects relative capitalization. It can also fall because the denominator expands, even if many individual altcoins decline. The measure does not capture liquidity, ownership concentration or executable market depth, so a change in dominance does not prove that every altcoin is gaining or that a relative trend will persist.
Sources and references#
Use these direct research and official references to verify definitions, scope and limitations.
- Methodology — CoinGecko
- Supply (Circulating, Total, Max) — CoinMarketCap
- Market Capitalization (Cryptoasset, Aggregate) — CoinMarketCap
Key principles#
Check the universe
Identify which assets, price sources, circulating-supply figures and eligibility rules are included in both sides of the ratio.
Check the window
Record the return window, threshold, ranking cutoff and token basket before comparing one altcoin-season label with another.
No token selection
MarketPulse treats dominance as descriptive context and does not use it to recommend Bitcoin, an altcoin or a portfolio allocation.