STEEM have presented an argument why they should be valued much higher on CMC.
https://steemit.com/steem/@dantheman/how-to-calculate-the-market-capitalization-of-steemIf websites like coinmarketcap.com wish to remain fair and relevant in their comparisons and rankings of this new generation of cryptocurrency, then they will need to adopt the more sophisticated measures used by real capital markets.
However I think, given they mined at least 80% of the initial STEEM to themselves, which they haven't communicated in their bitcointalk announcement and most of it isn't liquid that it isn't 'available supply' as CMC ranks.
Only 0.47% of STEEM is liquid in individual accounts, this is going to make the pump on CMC legend... wait-for-it... dary!
I...
I think that if you used their suggested 'sophisticated measures' anyone could create an over-valued/pumped coin by mining/holding the majority themselves and incentivising the removal of the majority from the liquid supply with less than 0.5% easily available.
Obviously it's up to CMC to evaluate but I think your current method of listing the liquid amount as available and the rest under total like Ripple/STR is correct.