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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesCrypto market cap and fully diluted valuation (FDV) use the same token price but different supply figures. Market cap multiplies price by estimated circulating supply; FDV multiplies it by an estimate of maximum supply. Neither number, on its own, tells you what a token is worth or predicts its future price. To evaluate a token, check how its supply is defined, when more tokens may become available, who receives them, and whether demand and liquidity can absorb them.
What is the difference between market cap and FDV?
Market capitalization is token price multiplied by circulating supply. Circulating supply is an estimate of units considered to be in circulation and in public hands; it is not necessarily the same as all tokens created or all tokens that could eventually exist. CoinMarketCap’s supply definitions and market-cap methodology describe its approach. Other data providers may define or verify supply differently, so identify the provider behind a figure before comparing it with another site.
Fully diluted valuation (FDV) is the current token price multiplied by an estimate of maximum supply. It applies today’s price to units that may not yet exist or circulate. FDV is therefore a hypothetical calculation—not money invested in the token, a forecast of future market value, or evidence that all future units could sell at today’s price. CoinMarketCap’s FDV glossary uses this general framing.
A simple example
If a token trades at $2, has 100 million circulating units, and has a stated maximum supply of 1 billion units, its circulating market cap is $200 million and its FDV is $2 billion. This is only the arithmetic: it does not establish that the token is worth either amount or that its price would remain $2 as supply changes.
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Why can FDV be much higher than market cap?
The difference usually reflects units that are not included in circulating supply but are included in the maximum-supply estimate. Those units may be locked for a period, reserved for a team or treasury, allocated to investors or community programs, or scheduled to enter circulation through rewards or emissions. A large FDV-to-market-cap gap can flag potential future supply; it does not show when those units will arrive or prove holders will sell them. CoinMarketCap Academy discusses the possible supply-pressure implications in its FDV explainer.
The ratio of circulating supply to a stated total or maximum supply can summarize how much is circulating, but name the denominator: circulating share of total supply is not the same calculation as circulating share of maximum supply. The ratio’s significance also depends on issuance rules and how much supply is genuinely available to trade.
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Which supply figures should you check?
| Measure | What it means | What it does not establish |
|---|---|---|
| Circulating supply | Provider-estimated units counted as circulating; used for circulating market cap. | It does not necessarily include all existing units or all units that could later enter circulation. |
| Total supply | Units currently in existence, less verifiably burned units under CoinMarketCap’s methodology; price multiplied by this figure is its minted market cap. | It is not the same as maximum supply or circulating supply. |
| Maximum supply | The provider’s estimate of the greatest number of units that will exist, when such an estimate is available; used in the FDV calculation. | It may be unavailable or depend on assumptions, particularly where supply is uncapped or variable. |
| Unlocked supply | Units no longer subject to a lock under the provider’s classification. CoinMarketCap also reports an unlocked market-cap measure based on price and unlocked circulating supply. | Unlocked does not mean listed for sale, actually offered for sale, or certain to be sold. |
These terms are not interchangeable. CoinMarketCap states, “Circulating Supply is not Unlocked Supply.” Its supply methodology explains the distinctions; its discussion of unlocked metrics describes unlocked circulating supply and unlocked market capitalization. A tracker’s label alone is not a substitute for its definition or verification policy.
How to evaluate a token’s supply and dilution risk
- Confirm the denominators. Record the provider’s circulating, total, maximum, and unlocked supply figures. Check whether maximum supply is fixed, estimated, or not stated, and use one provider consistently when making a direct comparison.
- Measure the current float. Calculate circulating supply as a share of the relevant total or maximum supply and state which one you used. A smaller circulating share may mean more supply could enter circulation, but the ratio alone says nothing about timing or selling.
- Read the release calendar. Look for unlock dates and amounts, cliffs, vesting cadence, and ongoing emissions. Identify the recipients—such as team members, investors, the community, treasury, or reward participants—because different allocations can have different incentives and restrictions. Scheduled availability is not proof of a sale.
- Check liquidity and demand. Supply figures do not measure how much can be sold without moving the price. Consider trading liquidity and evidence of actual token use alongside the release schedule; branding or a large market cap is not evidence of demand. Broader valuation context is covered in CoinMarketCap Academy’s crypto-asset valuation overview.
- Understand the supply rules. Check for burns, variable emissions, or uncapped and algorithmic issuance. If no fixed maximum exists, an FDV may be unavailable or may rely on an explicit assumption; do not treat a provider’s estimate as a guaranteed cap.
How should you compare two tokens?
Compare like with like rather than ranking tokens by market cap or FDV alone. Use the same provider where possible, state the observation date for any changing figures, and examine:
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- Circulating supply as a share of total supply and, separately, maximum supply where one is established.
- Near-term and cumulative scheduled unlocks, including dates, amounts, and recipient groups.
- Whether maximum supply is fixed and how emissions, burns, or other supply changes work.
- Liquidity and the market’s ability to absorb potential selling.
- Evidence of token demand and use, rather than assumed utility.
For CoinMarketCap figures, the methodology reflects that provider’s definitions, not a universal standard. Its market-cap methodology and supply definitions are the relevant references when interpreting its numbers.
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