[arcticbull]

Market capitalization of a currency is not a defined quality. That's a quality of an equity. You measure market cap in a currency, you do not measure the currency in terms of market cap. Currencies only have supply, velocity and exchange rates.

There's no market cap of USD. There's only the supply. It's value is derived from how much you can reasonably anticipate exchanging one USD for in an economy. Fundamentally that requires goods and services to be priced in USD so that you can derive a value for the dollar from a basket of goods and services. But nothing is priced in BTC, it's priced in local currencies and converted in real-time at the point of a transaction since generally speaking you can't exchange BTC for anything directly, cost of inputs is determined local currency and taxes are due in local currency at the spot price at the time of the transaction.

This is an aspect of the holy trinity of crypto where it's all things to all people.

It's not a currency, it's a high-beta speculative play on US dollar liquidity in the market as determined by the Federal Reserve.

Nodes are gameable, market cap is gamed for sure. The only way to more forward quantitatively is to actually treat BTC for what it is. That's why none of these definitions fit.

If you want to treat it as a currency compute its GDP, which is supply times velocity converted at spot to international dollars.