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Crypto market capitalization is a token’s price multiplied by its estimated circulating supply. Fully diluted valuation (FDV) applies a current price to a larger, full-supply figure—but providers do not always use the same supply measure. To compare tokens, check how circulating supply is defined, whether FDV uses total or maximum supply, and when additional tokens may become available.
What does crypto market capitalization measure?
Market capitalization is a calculation, not the amount of money invested in a token and not the amount that could be raised by selling every unit at the quoted price.
Market cap = token price × circulating supply. CoinMarketCap says its rankings use circulating market capitalization, and CoinGecko describes market cap as circulating supply multiplied by the current token price. CoinMarketCap’s market-cap definition and CoinGecko’s explanation describe this calculation.
For example, suppose a token’s price is $2 and 10 million tokens are circulating. Its market capitalization is $20 million. This hypothetical result does not mean $20 million has flowed into the token: the price is a quoted unit price, and multiplying it by supply does not establish what all holders could realize in a sale.
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What is circulating supply?
Circulating supply is a provider’s estimate of the tokens circulating in the market and in the general public’s hands. CoinMarketCap calls it “the best approximation of the number of assets that are circulating in the market and in the general public’s hands.” Its supply methodology excludes certain insider allocations, locked assets, and assets not available for public sale.
It is not simply the number of tokens that have been unlocked. Unlock status alone does not establish that units are circulating: a token can be unlocked but still be held in a way that does not meet a provider’s criteria. Providers may also apply project-specific rules, so displayed circulating-supply figures can differ. Check the provider’s methodology and any project-reported supply figures before comparing assets.
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How do total supply and maximum supply differ?
These terms describe different points in a token’s supply lifecycle. In CoinMarketCap’s methodology, both account for verifiably burned tokens, but one describes what exists now and the other estimates the lifetime ceiling.
| Measure | What it represents | What to check |
|---|---|---|
| Circulating supply | Estimated units circulating in the market and in the public’s hands. | Provider methodology; it may not match unlocked supply. |
| Total supply | Units that exist now, less verifiably burned units, under CoinMarketCap’s definition. | It can include locked allocations. |
| Maximum supply | Estimated lifetime maximum, less verifiably burned units, under CoinMarketCap’s definition. | Some tokens have no fixed maximum. |
Definitions can vary by provider. CoinMarketCap’s supply methodology explains its specific terms; use that source’s definitions when interpreting its figures rather than assuming every data site calculates them identically.
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FDV multiplies a token’s current or reference price by a full-supply figure. The denominator matters: CoinMarketCap defines FDV using maximum supply, while CoinGecko describes a full-circulation calculation using total supply or maximum supply where applicable. When quoting an FDV, identify the provider and supply basis. See CoinMarketCap’s FDV definition and CoinGecko’s market-cap and valuation explanation.
In a hypothetical example, if a token costs $2, 10 million tokens are circulating, and its maximum supply is 100 million, market cap is $20 million and FDV on the maximum-supply basis is $200 million. The FDV calculation applies the same $2 price to all 100 million tokens. It does not predict that price will persist as supply grows, or mean that the market would value every future token at $2.
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Why can FDV be higher than market cap?
FDV is higher when its chosen full-supply figure exceeds circulating supply, assuming the same positive price is used in both calculations. The difference signals a gap between current estimated circulation and the selected supply basis; by itself, it does not say when tokens will enter circulation, whether holders will sell, or whether demand will absorb new supply.
For a useful comparison, inspect the inputs and the conditions behind them:
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- Supply basis: Is the displayed FDV based on maximum supply, total supply, or another stated measure?
- Circulating share: How does circulating supply compare with total or maximum supply?
- Supply methodology: Does the data provider explain how it treats locked tokens, insider allocations, burns, and project-reported figures?
- Issuance and unlock timing: What schedule governs tokens that are not yet circulating, and when could they become available?
- Liquidity: How readily can tokens be traded? A quoted price multiplied by supply does not show whether a large quantity could be sold near that price.
Market cap and FDV are valuation calculations based on price and supply, not standalone measures of fundamental value or future price performance. Neither one captures all the effects of future issuance, selling, demand, or liquidity.
Quick Recap
How to compare token valuations fairly
- Identify the data provider and timestamp. Prices and supply figures change, so comparisons should use figures observed at a stated time.
- Read the supply definitions. Confirm how that provider estimates circulating supply and defines total and maximum supply.
- Confirm the FDV denominator. Do not compare two FDVs as though they use the same basis unless both providers say they do.
- Look beyond the headline ratio. Review future issuance or unlock timing and trading liquidity before drawing conclusions from the gap between market cap and FDV.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
