Correct. But markets are downstream from hierarchy. The hierarchy determines the access to its rewards, those rewards can then be used to participate in the market, either by directly spending them or by influencing other to do so.
> Social networks
Social networks are most certainly a hierarchy. They distribute rewards proportional to a user's success and prominently show the metrics underlying that success. They are a kind of turbo-hierarchy where your position is always obvious to everyone and changes instantly. If everyone unsubscribes from your YouTube channel everyone will know, but if nobody reads your book you can still derive status from your 1982 bestselling book.
On a more general note, a hierarchy is just a mechanism for aligning an agent's actions towards group goals via the distribution of rewards. I don't know how or why there are so many people that associate it only with the Caste system or hereditary aristocracies. Funnily enough, the hereditary aristocracies were quite adept at changing their hierarchies in response to external events.