Market cap is a useless number to ever look at with crypto, it's a zero sum game. Just two players in a zero sum game can bring the market cap to any arbitrary number.

Imagine you create a new crypto, and mine 1 billion coins for yourself.
Your friend also creates a crypto, and mines 1 billion coins for himself.

You tell your friend "I'll give you a thousand dollars for one of your coins, if you give me a thousand dollars for one of my coins" and you both agree. You exchange $1000, meaning $0 between you two.
Last sale price of one of your coins? $1000. Last sale price of his coin? $1000. $1000 x 1 billion = 1 trillion.  Congrats, you are both the world's first trillionaires in terms of market cap. Despite the fact that $0 has really been exchanged.

Instead, you need to look at if you are putting money INTO the system, or taking money OUT of the system. If you take out more money then you put in, you made a profit and are winning the game. If you put more money into it than you take out, you take a loss and are losing the game. Guess what holders do? They lose. The only thing you are holding is the bag.

The fact that HODL is a meme and an army of people are trained to sit there and take it is why professional traders love crypto. In any other financial market, the investors generally know they must be defensive at all times. You don't hold a losing asset. You get rid of it, and when it represents good value again, you rebuy in at a lower rate. You save yourself from loses and maximize gains. HODLers are such noobies that they make crypto markets easy prey for manipulation.