Very true, the market caps on coinmarketcap give a distorted view.
However, since most people do use CMC, it kind of affects market psychology and indeed something like ONT can grow significantly because on CMC it hadn't crossed 1 billion yet.
Long term the inflation is going to bite, but as soon as I saw that CMC adjusted ONT's market cap downwards from nearly 1 billion back to 500 million, I kind of knew we were going to see a $10 ONT. Because market sentiment kinda felt like it should be a 1 billion dollar coin. And right now, CMC determines what we consider to be 'the' market cap.
Not sure what to do with my ONT right now. I feel like I should sell, but I kind of bought it for the long haul!
Fair point, it is the current situation. I think it is good to be aware of though. We know CMC has a lot of impact (remember when they started to exclude Korean exchanges in their numbers?).
Theoretically CMC might just some day change the calculation of their ranking into a total supply calculation and suddenly people might see that some projects are valued relatively high compared to similar projects.
I missed out on ONT though, so I don't have to think about a possible temporary sell. Good luck with that one ;-)