Introducing BTCX: Bitcoin Index
BTCX(Bitcoin Index) is a counterpart of the very well-known crypto market indicator, the Total BTC Dominance, but with one difference. In BTCX the bitcoin capitalisation is divided by the capitalisation of the top five crypto assets. This approach reflects a more accurate picture of the relationship between bitcoin and the market, since the ratio of the bitcoin capitalisation share to the total market capitalisation depends on the addition of new coins.
The name BTCX takes its origin from the US dollar index USDX and DXY, where bitcoin plays the role of the dollar as a reference to the whole market.
The index is calculated using the following formula:
where BTCc is the bitcoin capitalisation and Yc is the capitalisation of the top five crypto assets.