Part 9/16:
Crypto Market Cap Skepticism: The traditional market cap is deemed unreliable due to wash trading, inactive tokens, and token inflation—making alternative valuation metrics (like realized value) more relevant.
Altcoin Maturity: Modern projects have real use cases and revenues, unlike the last cycle, indicating that a dominant Bitcoin scenario is less likely.
Market Dynamics: Growing stablecoins, rising altcoin market caps, and the evolving utility for blockchain projects in AI, compute, DeFi, gaming, and real-world assets suggest a more diversified future—where Bitcoin’s dominance stabilizes around 50-55%.
Forecast: Peak Bitcoin dominance is reached; subsequent cycles likely feature prominent altcoin participation.