Dominion - Bitcoin Altcoin Dominance [mutantdog]

25 Nov 2021

A simple and easy reference tool displaying a plot of the market cap dominance values for several significant cryptocurrencies.

The most widely used of these is bitcoin dominance (the top indicator shown above) which calculates the total market cap of bitcoin in relation to the total cryptocurrency market cap, displayed as a percentage. This is commonly used by traders to assess the strength of bitcoin in relation to the broader crypto market; increasing values being indicative of larger bitcoin moves and decreasing values often indicative of potential altcoin cycles. Likewise, ethereum dominance (the bottom indicator shown above) is frequently used as a means to indicate the strength of ethereum in relation to the broader crypto market.

Included options for marketcap dominance values are:

• Bitcoin: BTC.D
• Ethereum: ETH.D
• Total DeFi (a composite of multiple top defi tokens): TOTALDEFI.D
• Stablecoins (shows the combined dominance values for usdt and usdc): USDT.D + USDC.D
• Flippening (shows the difference between bitcoin and ethereum dominance values): BTC.D - ETH.D

When used in combination with each other, these can provide a good overview of the general flow of capital within the crypto market.


Additional functionality:

• up to three optional moving averages with a choice of SMA, EMA, WMA and RMA for each.
  
• multi timeframe selector
  
• alert condition presets for various moving average crosses.
  

Please be aware that, while useful as reference, dominance calculations are known to repaint frequently. As such the use of this indicator and its alerts should require caution.

10 Des 2021

Catatan Rilis

Added "Invert" switch - Represents the total marketcap minus the asset, some prefer this view.
Added "Custom" input - Just type "Dominance" in the search field to select from available options.

Updated chart to better demonstrate use-case.

3 Jan 2022

Catatan Rilis

Changed "Custom" input to simple text field. Just put the coin ticker name in, eg for Cardano type in: ada.
Added new option for "Current Symbol", will get the corresponding dominance data for the current chart symbol.

In both of these cases, if data is unavailable it will return a blank indicator.

27 Mei 2022

Catatan Rilis

Added extra preset: Full DeGen
This represents the combined marketcap for everything except btc, eth, usdt & usdc. Provides a good indication of capital flow in and out of altcoins.
Correlates fairly close to Total DeFi but can diverge.

3 Jun 2022

Catatan Rilis

Added 'Filter' button. This applies a basic RMA-2 to the main value, adds light smoothing with minimal lag. Can be useful for noisier low time frames.
Removed 'invert' button as it was not particularly useful and can be achieved in TV chart options anyway.

17 Jun 2022

Catatan Rilis

Added a fix so that the 'Current Symbol' mode will work with Perpetual Futures charts.

24 Jul 2022

Catatan Rilis

v2.0 Major Update

Several improvements here relating to appearance and usability, the most significant of these is the colour system. Each preset now has its own default colour, making it a lot easier to distinguish between multiple instances without needing to manually adjust them every time. Colour and opacity values can be easily tweaked from the main part of the interface also.

The order of the presets has been slightly rearranged now to be a little more logical and place a greater importance on the 'Full DeGen' preset which is now recommended as best for observing general altcoin dominance. To recap and put them all in one place, the preset list is now:

• Bitcoin: BTC.D
• Ethereum: ETH.D
• Stablecoins: USDT.D + USDC.D
• Full Degen: 100 - (all of the above)
• Total DeFi: TOTALDEFI.D
• Flippening: BTC.D - ETH.D
• Current Symbol: Will try to match corresponding dominance for the chart symbol if available.
• Custom Input: Manual text input, will try to match if available.

Default state of moving averages has been changed to 8/21/55 EMA. Crosses of 8 EMA against the others are generally best for alerts as main dominance value can be prone to noise and false signals.

Aside from that the code has been tidied up and formatted in a manner more easy to read.

The main chart above has been updated now also to include 'Full DeGen' preset and a suggested layout (filter is active in all instances shown).

25 Agu 2022

Catatan Rilis

Minor cosmetic improvements

24 Feb 2023

Catatan Rilis

Tweaked and tidied code a little - more camelCase now and less snake_case, better use of Pine standards.
Adjusted default preset colours slightly - better contrast between main plots and moving averages.