87 of the Top 100 Coins Are Green and the Median One Beat Bitcoin by Four Points — the Missing $1.77 Trillion

Eighty-seven of the top 100 coins by market capitalisation are green over the last 24 hours. Eighty-four of them are green over the last seven days. The median coin in that list is up 3.60% on the day and 10.09% on the week. Those are not bounce numbers — that is the kind of breadth normally printed in the middle of a trend, not at the end of a washout.

It was measured tonight, 22 September, at 01:17 UTC, against the live market-cap ranking, and it describes a market that is simultaneously wide and still small: the same snapshot puts the total value of every coin at $3.05 trillion, which is 36.8% — a $1.77 trillion gap — below the $4.82 trillion all-time high set on 5 October 2025.

The Breadth Print, With the Filler Removed

The headline count flatters the tape slightly, so it is worth stripping the accounting tokens out. Sixteen of the top 100 are dollar-pegged stablecoins and twelve more are wrapped or staked derivatives of Bitcoin and Ether — WBTC, CBBTC, stETH, wstETH, weETH, wETH, LBTC and friends. Remove both groups and 74 genuine directional assets remain: 68 of those 74 are up on the week, which is 92%, and the median seven-day return is +14.04%.

The comparison that matters is against Bitcoin itself. Bitcoin is up 10.05% on the week, and 50 of those 74 coins — 68% — beat it. Thirty-four non-pegged names gained more than 5% in a single day, and twenty are up more than 20% over seven days. You can pull the same ranking yourself on Coinpaprika or price each name against the book on Binance; nothing here is model output, it is a straightforward count.

What Is Actually Doing the Work

The leaderboard is not one narrow trade. NEAR Protocol is the best-performing large cap, up 77.10% in seven days to $4.32 with a $5.65 billion valuation. Arbitrum has added 65.07%. Ethena is up 47.90%, Avalanche 46.87%, Sui 45.61% — Sui did 13.04% of that today alone. Pepe is up 45.12% on the week and 25.50% in the last 24 hours, the single biggest daily move anywhere above a $2 billion market cap. Venice Token is up 40.55%, Uniswap 35.18%, Bittensor 32.94% with an 18% day of its own, and Render 31.96%.

That list spans Layer 1s, DeFi, AI compute and a meme coin at the same time. When breadth arrives in that shape, the usual next question is whether the money is rotating out of Bitcoin or whether it is new money. The cross-rates answer it better than the dollar prices do: Solana is up 7.16% against Bitcoin over seven days and Ether is up 1.01%, while in dollar terms Solana has returned 21.46% and Ether 14.51%. Altcoins are outperforming — but only modestly, and mostly in the last two sessions.

The 13 Red Names Tell You More Than the 87 Green Ones

On the week, exactly three names in the top 100 are down by more than half a percent: Pi Network at −4.98%, Rain Protocol at −2.68% and JUST at −0.93%. Every other red weekly print is a dollar peg doing its job, between −0.02% and −0.19%. That is what an indiscriminate bid looks like — the losers are not being sold, they are simply not being bought.

The one-day red list is more interesting, because it is made almost entirely of names that just finished running. Zcash is down 2.41% on the day after a 26.56% week that has left it at rank 10 with a $24.08 billion valuation — a privacy coin in the top ten, above Hyperliquid, Dogecoin, Chainlink and Cardano. Jupiter is off 2.31%, Ether.fi 1.75%, Injective 0.17%, and the two tokenised-gold trackers PAXG and XAUT are fractionally lower. Meanwhile TRON, at +2.52% on the week, is the laggard of the top ten: the money is not leaving the top of the table, it is skipping the names that already had their move.

The $1.77 Trillion That Hasn't Come Back

A market where 87% of the top 100 is green, and where the total is still 36.8% below its record.

Total value stands at $3.05 trillion, up 3.84% in 24 hours. The record is $4.82 trillion. That leaves $1.77 trillion of capital missing from the last cycle's peak, and the volume picture is worse: $286.3 billion traded in the last day, which is 88.4% below the $2.46 trillion single-day record printed on 26 March 2022.

There is one more tell in the concentration. Bitcoin dominance is 56.50%, which is $1.723 trillion of the $3.05 trillion total. And of the $255.2 billion traded across the top 100 tonight, $135.4 billion — 53.0% — is Tether turnover: stablecoin pairs being shuffled, not capital being committed. Breadth is real, but it is running on a thinner base than the percentages imply. Our tools directory and the airdrops tracker are the practical side of that: most of the flows hitting the tape right now are still small-ticket, and the faucets are where a lot of users are starting.

What Would Turn Breadth Into a Trend

Three checks, all of them free to run. First, Bitcoin's own session: the 21 September candle opened at $81,178 and closed at $86,620, a 6.70% body on 31,963 BTC — 2.08 times the average of the previous nineteen sessions. Breadth survives as long as that range holds; a close back under $81,178 would erase the entire session in one move. Second, the total market cap needs to keep building on $3.05 trillion while Bitcoin dominance slips below 56.50%. That combination — rising total, falling dominance — is rotation. The opposite combination, rising dominance and falling total, is the same breadth print being quietly reversed.

Third, watch whether the two-day leaders keep beating the four-week leaders. NEAR, Arbitrum and Sui did their work this week; Zcash and Hyperliquid did theirs earlier. A market that rotates through both is one with a memory longer than a single candle. The level work on Bitcoin is here in the weekly analysis, and the 87-to-13 count is the cheapest breadth read available — one API call, no indicator.