Comparing money in circulation, to the value of arbitrary tokens, most of which are held by a few small players, isn't 'comparing a phenom on the same basis'.

Comparing money in circulation, to the value of arbitrary tokens, most of which are held by a few small players, isn't 'comparing a phenom on the same basis'. Since cryptos are not a currency, and have no backing either in the form of some other financial instrument (i.e. Government Bonds) or Real Estate, it's hard to compare to other things.