Current Market Calculations

CoinMarketCap doesn't include many smaller coins and of course icos... Wouldn't that have an impact on the market looking like it is being sold out of far more than it actually is? Think about it this way, if people transfer their profits into different icos or an ico launches and is far too small for coinmarketcap it would still look like the total marketcap for crypto was declining when in reality it will come pouring back when certain icos or coins reach a higher marketcap. Does anyone else agree?