And significant buying would raise the price. “Market cap” is a weird thing which requires assuming symmetric expansion of supply and demand. It's the least-bad general-purpose valuation metric, but it's not really good for any specific purpose, and it's specifically farther from any kind of meaningful reality the lower the ratio of actual units traded to total available units is in any given interval of time.
That is to say, BTC’s market cap is mostly meaningless, but that's really a difference only of degree and not kind with market caps generally.
And significant buying would raise the price. “Market cap” is a weird thing which requires assuming symmetric expansion of supply and demand. It's the least-bad general-purpose valuation metric, but it's not really good for any specific purpose, and it's specifically farther from any kind of meaningful reality the lower the ratio of actual units traded to total available units is in any given interval of time.
That is to say, BTC’s market cap is mostly meaningless, but that's really a difference only of degree and not kind with market caps generally.