I dont know..i feel it has SOME value. I see it as a kind of starting point? A very broad base from which to grow an opinion from? and using your analogy starships and automobiles... (going VERY hypothetical here, lol...) lets say the market cap of starships is 200B and autos 2 T .... starships' rough estimate of value is 10 % of the autos. But maybe i think starships could be as big as autos...or half as big. Using that broad opinion...i can look at market cap and see its at 10% the 'value' of autos...i think it should be 50% eventually... so, by using the market caps of the 2...i see perceived value in starships. Now, i certainly wouldnt make any investing decisions based solely on market caps of anything...but again...i see it as a jumping off point in certain situations.
I can use it now in my research on ETH...i think versus BTC it has more potential and room for growth...so i could look at the market caps of the 2, compare them, and get a very rough estimate of ETH value vs' BTC...then go from there.
and to give my opinion on the original question...nothing. the same that happened when dow hit 25k. news outlets talk about it for a few news cycles, then it becomes 'old news' and back to business as usual. maybe get some dumb money chasing the rockets....
Dude what
The market cap is a total sum of the price of an asset times the number of unique asset pieces that exist. It's not some metric for comparing how valuable some cryptos are versus others and trying to use some kind of ratio for it. The DOW is something completely different and is a giant mass of the values of every asset (or 1x of every unique asset) included within it being added together and displayed as the DOW Jones' value, not a market cap.
Let me explain market caps like this: if I have a crypto with 100 tokens, each at $1, and a crypto with 1 token, at $100, one of them is valued at a market cap of $100 and the other at $100 as well. Under your thinking, they are the same and they both have the same potential for growth. But the token with 100 pieces at $1/piece has a much higher chance of growing, and with larger percentage gains, than the token at $100. This shouldn't be that hard.
Thank god! Someone with a brain that can take over. Im leaving this thread. Its making my head hurt.