Is 1T the real market cap

I've had the pleasure of getting into crypto in April 2021. Basically the highest point in history of most all assets

Over the past 3.5 years I've been DCA' ing my 50 to 90 % down Alts and hovering ETH and BTC

On April 2021 the Market cap was 3T, going up to 3.3 a few months later. Then as we all know crypto winter hit and we went down to 800B

Over the last 3 years we crash to 1 trillion ish when many get liquidated, then climb almost to 2.8T, then liquidations happen aagain.

Im.a rookie, but it seems like the TRILLION is real money and the rest is margin ed and we never go up.

Maybe this bull run hopefully will change but was just wondering if this is logical. Whales manipulating their base money and a stagnant 1T market.