Market Cap
Total market capitalisation — the current price of a token multiplied by its circulating supply.
Market capitalisation (market cap) is calculated by multiplying a token's current price by its circulating supply (tokens that are publicly tradeable, excluding locked, vested, or burned tokens). It is the primary metric for ranking crypto assets by size.
Fully diluted valuation (FDV) uses the maximum total supply (including unvested tokens) instead of circulating supply. The ratio of market cap to FDV reveals how much potential selling pressure exists from future token unlocks — a high FDV relative to market cap is a bearish signal.
Unlike traditional equities, crypto market caps are highly reflexive: price rises increase market cap, which attracts more attention, which can drive further price rises. This makes market cap a measure of current sentiment as much as fundamental value.