How are portfolios of cryptocurrencies/forex managed due to all pairs not having the same numeraire?

External question — Quantitative Finance Stack Exchange Author: QMath Original post: https://quant.stackexchange.com/questions/85604 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. I am trying to build a backtester/perform research on cryptocurrency trading strategies. The problem that I have ran into is, given the ohlcv data for all the pairs traded on an exchange, how do we manage this in a way like we would with equities?/is it okay to? Let's say we have 3 pairs ETH/BTC, ETHUSD, and BTCUSD, and we want to value everything in USD. How do we value ETH in USD? do we just take ETHUSD or do we do (ETHBTC * BTCUSD)? If we want to rank our assets like we would in equity portfolio management, how do we determine ADV, etc.? Additionally, how is this dynamically maintained when the universe of trading pairs is large and there is not a common quote currency? I have seen some stuff about maintaining a graph where the assets are the nodes and the trading pairs are the edges and you do pathfinding to determine pricing/dollar volume, etc. Is this overcomplicating things by trying to start with pairs with different quote currencies? It seemes like using only those with USD as a quote currency could induce bias? Any references on this would be appreciated as I am having difficulting finding any that detail this part of the process