The market overreacted and, at peak, we got ~1/3 of the marketcap wiped out. You can't have a 60mn theft taking billions of the marketcap - it's irrational.
I don't believe market cap is a rational way to get the measure of anything, especially something as thinly traded as Bitcoin, let alone alts.
The marketcap may not make sense for small players, but it does for large players as it creates internal hedges within the market.