No, I think that the market cap of bitcoin is real. Many exchange are controlling the amount of btc. The market situation is very transparent and you could track the every transactions that are made.
I also think that the market capitalization of the entire cryptocurrency market is growing steadily over time and that has shown the trend of this market. Cryptocurrency is gaining a lot of investor attention so I believe that this development is inevitable in the present.
Not only the present even in the future. 😎