Crypto Market Structure · Lesson 1

TOTAL, TOTAL2 and TOTAL3

Measuring the whole crypto market

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In this lesson

Understand market cap, and what the TOTAL, TOTAL2 and TOTAL3 charts measure and leave out.

Key takeaways

Market cap = price × coins in circulation: it measures size, not value for money.
TOTAL is the market cap of the whole crypto market; TOTAL2 leaves out Bitcoin; TOTAL3 leaves out Bitcoin and Ether.
TOTAL3 still includes stablecoins — on 20 Oct 2026 USDT alone was about 22% of it.
In Advanced Charts, tap the TOTAL chips under Search any market (CoinGecko global data; older days estimated).

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Next lesson: BTC.D, ETH.D and USDT.D

Educational information only - not financial advice.

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