>Is this a relevant factor considering that many assets are trading several times above this price floor? Yes. But the market can stay "irrational" for a long

>Is this a relevant factor considering that many assets are trading several times above this price floor? Yes. But the market can stay "irrational" for a long time. Many people have won the greater fool game over the years. >This is technically correct in the sense that "market cap" is only defined for companies. Market cap is a measure of the total equity of company as priced in the stock market. Since nobody can own the "Bitcoin network" like they can own a shares of a company "market cap" is nonsense when used as a term to describe the value of the Bitcoin network. There is no underlying equity to capitalise at any price.