Market cap is meaningless due to spot price and order book spoofing on unregulated exchanges. Without 3rd party audits, all the cryptocurrency exchanges can be

Market cap is meaningless due to spot price and order book spoofing on unregulated exchanges. Without 3rd party audits, all the cryptocurrency exchanges can be assumed to be operating fractional reserves and wash trading. Notice how once Chinese exchanges were forced to implement a fee on trades, their entire trading volume nearly disappeared. See the integrity report from the New York Attorney Generals office: https://ag.ny.gov/sites/default/files/vmii_report.pdf https://ag.ny.gov/sites/default/files/vmii_report.pdf