Market cap is a meaningless metric to use here. How many actual dollars are invested into cryptos? When it is revealed that 1 USDT != 1 USD there will be a rush to the exits and you will be begging and praying for only a 40% drawdown.

"Market cap" is not a real thing here, because it implies that there is an asset to value. Cryptocurrencies are synthetic commodities with no use value.

Your basic theory here is that bubbles always keep going up, even if sometimes they go down. But that's not how bubbles work. Tulip bulbs did not "grind to all time highs like allways". Neither did Beanie Babies. They both fell back to something approximating their use value. But what's the use value of some numbers on another person's computer? Approximately zero.

The only part I agree with is the market cap part but my post already accounted for that and for good measure inflated the effect from 3% to 40%. Replace tulips in your sentence with money supply or assets and you'll get a different picture. You seem to have an unshakable opinion without having read the first thing about the subject, suggesting anything by Andreas Antonopoulos. edit: maybe something like "history of money", your "bubble" has been going since before writing.

Quoting tether's total market cap is a bit disingenuous. What % of daily trade volume is tether?

Tether counts for 80% of the trading volume though, which is the important figure instead of the nonsensical "market cap" value so beloved of crypto fans.

The most serious argument is that the “enormous upside” is being driven by Tether fraud. Take some money off the table…