Viewing pricing through the Market Cap model is the only way to justify the valuations thrown around. Is that the correct way to do it? Only time will tell. Currency, if that is what btc is, is difficult to value and judge. As a store of value, then you are comparing to the gold market. Again, does it make sense to look at market cap? Perhaps. Only time will tell.

The bottom line is cryptos are a new world and btc is still the leader. What that does to the price in the future is up for discussion. I think once the big money (read institutions) starts rolling in, BTC will benefit greatly since it is a known name.