Markets move.
Feel the temperature.

Heat is calculated, not observed

Momentum combines 7-, 30- and 90-day market-cap returns and distance from the 200-day moving average (15/30/35/20 internally). Return scores center on 50; moves of ±10%, ±30%, ±75% and ±50%, respectively, reach the ends of each scale.

Volume compares the current 24h total with the preceding 30-day mean: twice the volume scores 100, half scores 0. Fear & Greed and Altcoin Season use the provider’s 0–100 indices directly.

Volatility uses 30 daily log returns, reaching 100 at 6% daily standard deviation. A momentum gate suppresses it during declines. A five-day exponential average smooths the weighted heat. These are initial model choices, ready for calibration—not market measurements.

Raw heat on this date: unavailable · displayed after smoothing: unavailable. Weights shown in the breakdown are the effective weights on the selected date.

Level has a separate meaning

A full glass represents $5 trillion. Level = total market cap ÷ $5 trillion, on a fixed linear scale: $1T fills 20%, $2.5T fills half, and $5T fills the glass. Small early markets stay genuinely small. Values above $5T fill the vessel to its rim; the dollar readout still shows the full amount. Water stays blue: bubbles, steam and splashes express heat. Metal pipes and the heat number shift from icy blue to red. Scenery follows the dated cycle phases described below, independently of daily heat. The gold stain records the highest observed capitalization up to the selected date, including baseline observations. It persists through declines and source gaps, but never includes a future peak. The inlet or outlet visualizes the change in total market cap since the previous calendar day. A price-driven change in capitalization is not measured money entering or leaving the market. Pipe flow is a repeating illustration of the selected day; it does not keep adding or removing volume while a date is held.

The source returned 4906 daily observations from 29 Apr 2013. The first 30 consecutive observations build a baseline. Missing market days restart the heat baseline, but observed market cap and prices remain available in both the chart and replay. A dash marks unavailable heat during rebuilding. Only genuinely missing observations remain gaps. Longer indicators become available as enough history accumulates. Any future expansion of the source history will change that baseline.

How we date the seasons

Our visual seasons mean spring recovery, summer bull-market expansion and peaks, autumn the sustained cooling after a peak, and winter the deeper bear market. December 2017 and the 2021 peak period are summer. These are curated, month-level historical interpretations; brief corrections do not change the scenery.

This deliberately adapts, rather than reproduces, Morgan Stanley’s seasonal terminology, which called late-cycle expansion fall. Our summer includes that expansion so the landscape matches the metaphor of a hot market. The autumn/winter split is an editorial choice, not an agreed indicator. Recent phases remain provisional; Fidelity’s analysis questions whether the four-year pattern still holds. No future spring is scheduled automatically.

• 2012-12 → 2013-03: spring
• 2013-03 → 2014-01: summer
• 2014-01 → 2014-06: autumn
• 2014-06 → 2015-02: winter
• 2015-02 → 2017-03: spring
• 2017-03 → 2018-01: summer
• 2018-01 → 2018-06: autumn
• 2018-06 → 2019-01: winter
• 2019-01 → 2020-12: spring
• 2020-12 → 2022-01: summer
• 2022-01 → 2022-05: autumn
• 2022-05 → 2022-12: winter
• 2022-12 → 2024-03: spring
• 2024-03 → 2025-11: summer (provisional)
• 2025-11 → 2026-02: autumn (provisional)
• 2026-02 → open-ended: winter (provisional)

News duration uses real seconds, even while replay is paused. New headlines replace old ones. Optional news pauses last the same duration. Both settings are saved in this browser.

Headline sources

The additional milestones come from the provided crypto_timeline.csv. Their source links open that CSV; those entries have not been independently verified. Period labels such as DeFi Summer and post-ATH consolidation use the dates supplied as timeline anchors. Overlapping milestones retain the existing reporting and dates. Events outside replay coverage remain listed but cannot be selected.

Data provenance

Bitcoin and Ethereum prices use CoinMarketCap where its plan provides history, and the public Coin Metrics archive for earlier dates. Coin Metrics daily closing prices are aligned to the following UTC midnight, so an early snapshot never uses that day’s future close. Current Bitcoin source: CoinMarketCap. Ethereum source: CoinMarketCap. Ethereum launched on 30 July 2015; the available price archive begins 9 August 2015, and the earlier gap is left empty. Provider methodologies differ; the overlay is for comparison, not a calibrated correlation measure.

Market cap & volume ↗
Fetched 09/10/2026, 04:15:02 UTC · refresh unavailable

Fear & Greed ↗
Fetched 09/10/2026, 04:15:02 UTC · refresh unavailable

Altcoin Season Index ↗
Fetched 09/10/2026, 04:15:02 UTC · refresh unavailable

Bitcoin price · CoinMarketCap ↗
Fetched 09/10/2026, 04:15:02 UTC · refresh unavailable

Bitcoin archive · Coin Metrics ↗
Fetched 11/09/2026, 17:43:09 UTC

Ethereum price · CoinMarketCap ↗
Fetched 09/10/2026, 04:15:02 UTC · refresh unavailable

Ethereum archive · Coin Metrics ↗
Fetched 12/09/2026, 10:21:16 UTC

CoinMarketCap charts ↗ · Official API for daily market cap, volume, sentiment and breadth. Each market point is the first available quote of its UTC day. Historical data checks every 3 hours. Current market cap, Bitcoin and Ethereum quotes refresh every 10 minutes while the page is open. Source timestamps are shown separately. Current quotes do not overwrite the daily archive; heat remains the latest daily calculation, with its date labeled. Saved observations remain available if a refresh fails.