The BTC-ETH Dominance metric is an oscillator which tracks the macro outperformance trends between the top two crypto-assets. It considers only the Market Cap of Bitcoin, relative to the combined market cap of Bitcoin plus Ethereum. It is calculated as follows:

Dominance = BTC Market Cap / (BTC Market Cap + ETH Market Cap) - 0.765 with the 0.765 factor included to visualise the oscillator around a long term mean.

• Higher Values and Uptrends indicate outperformance by Bitcoin.

• Lower Values and Downtrends indicate outperformance by Ethereum.

References

This metric was introduced and discussed by Glassnode in The Week On-chain Newsletter - Week 21, 2022 and again in A Challenging Bear Market (July 2022)