In the world of crypto, there's one overarching relative theme that governs the entire asset class.
That is, Bitcoin vs everything else.
Over the years, this simple trend has dominated the asset class for so long. Due to the sheer size of Bitcoin compared to the others, when it's in a leadership position, it scoops up so much capital that most of the other coins are forced to wait for their turn.
Could this change?
It would only make sense, especially as the market-caps of the other altcoins grow.
But as we said in yesterday's note, all we can do is look at what's in front of us, right now.
That is, this relationship is still the single most important relative trend for crypto traders to pay attention to.
We've talked in great lengths about this dynamic before, and the various way to visualize it.
The Ethereum/Bitcoin ratio, for instance, serves as a great gauge of this trend. Bitcoin's market-cap dominance is another helpful metric to watch.
But arguably the best way to chart this trend, at least right now, is through FTX's Top Altcoin index. This, and many other indexes, trade through a perpetual futures contract on FTX's exchange, and they're one of the most efficient ways to see how groups of cryptocurrencies are tracking.
Even if you don't trade them, they provide us with great insights into where leadership is emerging in the crypto complex.
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