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Bitcoin dominance: share of what?

One-minute answer: Bitcoin dominance is Bitcoin's market value as a percentage of the crypto-market basket being measured. A reading of 56% means Bitcoin represents 56 cents of every $1 in that basket, not that Bitcoin rose 56%.

What it actually means

Dominance compares sizes, not returns. Bitcoin's market value is divided by the combined market value of Bitcoin and the other assets in the basket. Removing stablecoins avoids counting dollar-like tokens as competing risk assets.

Dominance can rise because Bitcoin gains, because altcoins fall, or both. It can fall even while Bitcoin's price rises if altcoins rise faster.

What to look for

Dominance rising — Bitcoin is gaining share of the tracked crypto basket relative to altcoins.
Dominance falling — Altcoins are gaining share relative to Bitcoin.
Price rising with dominance — Bitcoin is rising and leading the tracked market.
Price rising while dominance falls — The market may be rising broadly, with altcoins moving faster than Bitcoin.

Worked example

If Bitcoin dominance falls from 58% to 54% during a week when Bitcoin rises 5%, Bitcoin did not lose value. It lost four percentage points of market share because the rest of the tracked basket grew faster.

What this cannot tell you

The answer changes with the asset basket. No data provider tracks every token perfectly.
Market value uses circulating-supply estimates, which can differ between providers.
Dominance describes relative size; it does not tell you whether the whole market is rising or falling.

Data source

SafuTrading calculation from tracked crypto market values, with stablecoins removed from the comparison basket.

Open Real Dominance — Bitcoin's share of the tracked crypto basket after stablecoins are removed.