I think the real market cap now is less then 100 billion. The reason for that is high spread and volatility. Recent Ethereum crash has proven that cashing out $300 million (1% of the cap) can drop the price by 15%. Therefore, I assume that the real amount of cash is 10 times less.
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10% times less is a lot less. I don't think so. It's normal for the value to fluctuate based on supply and demand. But if you also "price in" the sentiment, extremely bullish, I think there's more hands coming in than cashing out, hence, the value remains strong.