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?