In recent years, the importance of stablecoins has grown along with their number. They have a fundamentally different competitive profile for Bitcoin and not considered true altcoins by many. As such, stablecoins aren’t counted in some Bitcoin Dominance measures.
Demand for altcoins is speculative in nature and their value can swing wildly due to hype and manipulation. Altcoin utility is capped by technical limitations and the cost to maintain the appearance of decentralization. On the other hand, demand for stablecoins is driven by their underlying peg, in most cases to the USD, but can also be gold or the Euro. Stablecoins’ utility comes mostly from their ability to route around outdated and over-regulated legacy systems.
The Tether Dominance Index is a ratio of the Tether market cap versus all altcoins (as measured by the Total2 ticker on Tradingview).
The Stablecoin Dominance is a ratio of the market cap of all Stablecoins versus all altcoins (as measured by the Total2 ticker on Tradingview).
The Stablecoin/Bitcoin ratio is simply the market cap of all Stablecoins versus the Bitcoin market cap.