Value is easy; concentration is the risk
The total is the fun number; the allocation is the important one. One oversized position quietly turns a diversified portfolio into a bet on a single coin. Size new positions with the position size calculator.
Totaling a portfolio without fooling yourself
Adding up coin balances × prices gives the headline number. The honest total applies three discounts. Liquidity: a $50k bag in a coin doing $500k daily volume can't be sold near the quote — realistic exit value might be 5–15% lower. Locked value: staked, vesting, or bridged tokens count at a haircut reflecting their unlock timeline. And stablecoins on shaky venues aren't quite a dollar.
The concentration check matters more than the total: what fraction sits in the largest position? Above 40%, the portfolio's fate is that coin's fate and diversification talk is decoration. Correlation compounds this — five different alt-L1s are closer to one position with extra steps than to five bets.
Denominating the total in BTC as well as dollars tells you whether the portfolio construction is adding anything: a dollar total that grows while the BTC total shrinks means holding bitcoin outright would have beaten the whole strategy — a comparison every altcoin-heavy portfolio should run monthly and mostly doesn't.