TOTAL2 and TOTAL3TOTAL2
TOTAL2 and TOTAL3 are chart symbols for the total crypto market capitalisation excluding Bitcoin (TOTAL2) and excluding both Bitcoin and Ethereum (TOTAL3). Traders use them to follow the altcoin market as a whole.
TOTAL2 and TOTAL3 are TradingView indices of the crypto market's value with the biggest coins removed. TOTAL2 strips out Bitcoin; TOTAL3 strips out Bitcoin and Ether. Traders use them to judge whether money is flowing into the wider altcoin market.
- Category
- Cryptocurrency and Blockchain
- Reading time
- 3 min
- Also called
- Altcoin market cap, Crypto market cap excluding BTC, Crypto market cap excluding BTC and ETH
- Updated
TOTAL2 and TOTAL3 in plain words
TOTAL2 shows the total crypto market cap with Bitcoin taken out.1
TOTAL3 removes both Bitcoin and Ethereum.2
Both are views of the same total market with the largest coins taken out.
How the indices are built and read
Start with total market cap
Add up the market caps of tracked coins.
Remove Bitcoin
Subtract Bitcoin's market cap to get TOTAL2.
Remove Ether too
Subtract Ether as well to get TOTAL3.
Why remove BTC
Strip out Bitcoin to see more clearly where the rest of the market is heading.1
Why remove ETH
Strip out Ethereum too, because the two giants attract so much money that they hide what smaller coins are doing.2
Compare trends
Read each index against Bitcoin to see where money is moving.
Worked examples
Example 1 — Building the numbers
TOTAL2 $1.2T, TOTAL3 $0.8TA hypothetical total market is $3.0T, with Bitcoin at $1.8T and Ether at $0.4T.
| TOTAL2 | $3.0T − $1.8T = $1.2T |
| TOTAL3 | $1.2T − $0.4T = $0.8T |
Each coin adds its market cap — circulating supply times price; 10,000 tokens at $1 is $10,000.3
Example 2 — Altcoins outperform
Altcoins up 10 points moreOver a hypothetical month Bitcoin rises 5% while TOTAL3 rises from $0.8T to $0.92T.
| TOTAL3 change | ($0.92T − $0.8T) ÷ $0.8T = 15% |
| Gap vs BTC | 15% − 5% = 10 points |
Taking out the giants shows more clearly where the rest of the market is going.1
Example 3 — Flight to Bitcoin
Altcoins lose $0.15TOver a hypothetical week the total market is flat at $3.0T but TOTAL2 falls from $1.2T to $1.05T.
| TOTAL2 change | $1.05T − $1.2T = −$0.15T |
| Bitcoin's implied cap | $3.0T − $1.05T = $1.95T |
Money flowing back to the market leader is an old pattern — Bitcoin has long been the most prominent coin.4
TOTAL2 vs TOTAL3
| Aspect | TOTAL2 | TOTAL3 |
|---|---|---|
| Excludes | Bitcoin | Bitcoin and Ether |
| Main use | All non-Bitcoin crypto | Smaller altcoins |
| Influence of ETH | Large | None |
| Typical volatility | High | Often higher |
How traders use the indices
Rotation checks
Compare against Bitcoin to see Momentum in altcoins.
Trend reading
Apply Support and Resistance to the index chart.
Market phase
Broad rises can signal a Bull Market phase for alts.
Allocation
Shift Portfolio Allocation between BTC and alts.
Advantages and disadvantages
Advantages
- Removes Bitcoin's weight from the picture.
- Easy to chart on TradingView.
- Helps spot altcoin rotation.
- Works with standard chart tools.
Disadvantages
- Includes stablecoins, which can distort readings.
- Coverage depends on the data provider.
- Many small coins are illiquid.
- Says little about any single coin.
Going deeper
Read as far as you need. Each level builds on the one before it.
Why remove Bitcoin
Beginner
Bitcoin is so big that it can mask what the rest of the market is doing, so TOTAL2 removes it.1
Why remove Ether too
Intermediate
TOTAL3 removes Ethereum as well, because the two largest coins dominate attention and money.2
Reading with care
Advanced
Bitcoin has been the most prominent virtual currency for years, and that dominance is the backdrop.4 Stablecoin growth can lift TOTAL2 and TOTAL3 without any altcoin rally, so check what drives a move.
Common mistakes
Ignoring stablecoins
Stablecoin supply growth inflates the indices.
Reading it as one coin
The index can rise while your coin falls.
Skipping the BTC comparison
Rotation is relative, not absolute.
Overtrading signals
Index moves are noisy on short time frames.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- TOTAL2 is crypto market cap minus Bitcoin.
- TOTAL3 also removes Ether.
- Both are TradingView indices.
- Compare them with Bitcoin to read rotation.
- Stablecoins can distort the picture.
Frequently asked questions
Where can I see TOTAL2 and TOTAL3?
Do the indices include stablecoins?
Is a rising TOTAL3 a buy signal?
Further learning
- Market Capitalisation
How the indices are built.
- Momentum
Reading rotation between coins.
- Correlation
How alts move with Bitcoin.
- Portfolio Allocation
Balancing BTC and altcoins.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- TradingView. Crypto Total Market Cap Excluding BTC (TOTAL2) (opens in a new tab) Checked .
- TradingView. Crypto Total Market Cap Excluding BTC and ETH (TOTAL3) (opens in a new tab) Checked .
- Coinbase. What is a Fully Diluted Valuation (FDV) in crypto? (opens in a new tab) Checked .
- European Central Bank. Virtual currency schemes – a further analysis (2015) (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.