What contributes most to market cap?

Hi everyone,

Today I wanted to talk about what constitutes a projects growth and market capitalization. We see a variety of projects in the top 10, 50 and 100 and each of them seem to be either fairly similar, completely different or specialize in niche areas eg; Monero privacy, chainlink oracles.

I’m just wondering what you guys think drives a projects marketcap up?

Is it hype? Developer activity? Working dapps? Community? Marketing? User activity? Memes? Tokenomics?

I acknowledge that marketcap growth is due to a number of these in combination with each other. However, what I’m asking is do you think one is more important than the other?

Thoughts?