The definition of Market Capitalization is "Commonly referred to as "market cap," it is calculated by multiplying the total number of a company's outstanding shares by the current market price of one share." according to investopedia.[1]
The price has skyrockted but transaction volume is not keeping pace. This is not what you'd expect if the market cap is anything close to meaningful and unlike heavily traded securities:
It's exactly what you'd expect for a price increase driven from the supply side, which is kind of expected for a commodity like BTC whose attraction is largely the expectation of price appreciation because of supply restriction.
The definition of Market Capitalization is "Commonly referred to as "market cap," it is calculated by multiplying the total number of a company's outstanding shares by the current market price of one share." according to investopedia.[1]
[1] https://www.investopedia.com/terms/m/marketcapitalization.as...