BTC graph of Price vs graph of Market Cap inverted today -- is this normal?

Question

I noticed that today the side-by-graph of BTC price vs BTC market cap, first converged and then crossed and has been inverted for most of the day.

This seems counter-intuitive to me. My simple-minded expectation is that these are strongly-correlated and the gap between them should stay constant and never converge or invert.

Is this connected in some way connected to the "whale-wallet" that was seized by the US government recently? In other words, are the exchanges discounting the total market cap by the amount seized or similar?

EDIT: perhaps what I am seeing is due to different graph scales for the two values?

Answer 1

EDIT: perhaps what I am seeing is due to different graph scales for the two values?

Yes, these two values are plotted on the same graph, but against different axis. Which line is higher/lower on the graph relative to the other is of no real interest.

Looking at the site in question, I can currently see that the y-axis on the left lists the 'Market cap', while the y-axis on the right lists the 'bitcoin price'. By adjusting the scale on either axis, the relative position of each plotted line will change.

Answer 2

When you look at a chart make sure it is starting at its beginning. Otherwise, the plotting algorithm will fool you.

The graph is always filling the box in both directions. Thus, it's scaling is not intuitive. If you compare two graphs only one (in most cases) can fit the box in both dimensions. Making the picture even more counterintuitive.