Comparing money in circulation, to the value of arbitrary tokens, most of which are held by a few small players, isn't 'comparing a phenom on the same basis'.
Since cryptos are not a currency, and have no backing either in the form of some other financial instrument (i.e. Government Bonds) or Real Estate, it's hard to compare to other things.
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Models being imperfect, don't make them useless, especially when you're modelling both phenomenom the same way.
Comparing money in circulation, to the value of arbitrary tokens, most of which are held by a few small players, isn't 'comparing a phenom on the same basis'.
Since cryptos are not a currency, and have no backing either in the form of some other financial instrument (i.e. Government Bonds) or Real Estate, it's hard to compare to other things.