With the rise of wrapped assets and stablecoins, we need to revise how we calculate marketcap dominance.

Traditionally, we have just calculated it as TOTAL/BTC, which includes all tokens. Wrapped tokens (which includes USDT, USDC, WETH, WBTC, PAXGOLD) are just IOU contracts of an underlying asset, I'd make the argument that they should NOT be counted. Especially things like WETH and WBTC, which are backed 1:1 by the underlying asset so it doublecounts the marketcap. Bitcoin's marketcap dominance rises pretty significantly when you remove all of those.

submitted by /u/ShotBot
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