You are exactly right, the market cap is all wat is important to look at. Yesterday I said for the first time to my friends that I see a bubble (in altcoins, not in BTC) and this is exactly the reason. People buy without any investigation.
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yeah people just look at the price. oh shit its cheap buy it!
I have heard this same thing goes for shares of companies. Some people think that a share is cheap because it is x,xx price instead of xx,xx or xxx,xx.