@zasad@. You are talking about the market capitalization and how high or how low this is. I am talking about the expansion of the market, the flows, the volume and the liquidity which will become more meaningful to support the high market capitalization of bitcoin.
This is a very simple concept and this is very easy to understand. The high market capitalization of a coin would be meaningless if the market underneath this has not expanded to support the value. This is certsinly why we witness some altcoins pump 20% or dump 20% in a few hours. It does not have a very liquid and expanded market as support. We have also witnessed this on bitcoin before on 2015-2017.
I need to clarify. I'm saying that cryptocurrency market growth, for me, is usually associated with an increase in overall market capitalization. Recently, the price of Bitcoin fell by more than 20%, and I don't even want to talk about the decline in altcoins. The price of some altcoins instantly dropped from a few dollars to tens of cents. The current collapse was much more painful for the crypto market than similar events in 2015-2017.
You're talking about flows, volume, and liquidity, but to be honest, these are market makers' tools. And exchanges act as market makers. That's why we recently saw a huge drop in the price of many altcoins. Market makers pulled liquidity from the market just in time

For example, ATOM on Binance

A market maker can inflate any volume on the exchange and add liquidity to the order book, but this doesn't indicate growth in the crypto market.
I hope my explanations make it clear why I disagree with your arguments.