Market Dominance

Dominance expresses relative size within the tracked universe and is most often quoted for bitcoin as a summary of how concentrated the market is. It is computed by dividing one provider-estimated market capitalization by the sum of all of them. Both the numerator and the denominator change continuously, and the denominator also changes as coverage expands.

算出方法

asset market capitalization / total market capitalization of all covered assets x 100

誤解を招く点

The denominator is an open-ended list that grows every time a new token is listed, so an asset's dominance can decline while nothing whatsoever changes about it. The total double counts systematically: wrapped bitcoin, staked-ether derivative tokens, and exchange-issued representations all add capitalization that is a claim on an asset already inside the total. Including stablecoins means dominance moves whenever dollar balances are minted or redeemed, which is a funding flow rather than a change in relative valuation. Because different providers track different universes, dominance figures are not comparable across sources.

株式との比較、およびその比較が成立しない理由

Sector or constituent weight in an equity index; index weights come from a defined, reviewed universe with free-float adjustment and explicit rules for cross-ownership, none of which apply to an open list of every token a data provider chooses to include.

高い値・低い値の読み方

A higher dominance figure means the asset accounts for a larger share of the tracked total than an asset with a lower figure. Changes reflect both the asset's own market capitalization and the composition of the universe being measured.