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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteIn crypto, market capitalization is a token’s current price multiplied by its estimated circulating supply. Fully diluted valuation (FDV) multiplies that price by a larger, full-supply figure—typically maximum supply at CoinMarketCap, while CoinGecko describes using total supply or maximum supply where applicable. Neither figure is cash invested in the token, and FDV is not a forecast. To compare assets, check which supply figure a provider uses, how it defines circulation, and what future issuance or unlocks are scheduled.
What does crypto market cap measure?
Market cap = token price × circulating supply. CoinMarketCap says its rankings use circulating market capitalization, and CoinGecko describes market cap as circulating supply multiplied by current token price. CoinMarketCap’s market capitalization definition and CoinGecko’s explanation set out the calculation.
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For a hypothetical example, if a token is priced at $2 and 10 million tokens are circulating, its market cap is $20 million. The result is a derived estimate based on the quoted price and circulating-supply figure; it does not mean that amount of cash has been invested, or that every circulating token could be sold at that price. A quoted price is not necessarily available for every unit at once, especially where trading liquidity is limited.
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Circulating supply is a data provider’s estimate of tokens circulating in the market and in the general public’s hands. CoinMarketCap’s methodology calls it “the best approximation of the number of assets that are circulating in the market and in the general public’s hands.” Its methodology also explains that insider allocations, locked assets, and assets unavailable for public sale generally are not counted as circulating. The provider’s rules and project-specific information matter, so circulation figures can differ between services. See CoinMarketCap’s supply methodology.
An unlocked token is not automatically a circulating token. Unlock status alone does not establish that an asset is publicly available or circulating; CoinMarketCap distinguishes its unlocked-supply measure from circulating supply. When a figure matters to a comparison, check the provider’s methodology and whether the project reports its own supply data.
How do total supply and maximum supply differ?
These terms describe different supply questions. In CoinMarketCap’s methodology, total supply is the quantity that exists now, less assets verifiably burned. It can include locked tokens. Maximum supply is the estimated upper quantity that can exist over the asset’s lifetime, also less verifiably burned assets. Not every token has a fixed maximum supply.
| Measure | What it represents | What to check |
|---|---|---|
| Circulating supply | Provider’s estimate of units circulating in the market and in public hands. | Methodology, project-reported figures, and whether locked or insider allocations are excluded. |
| Total supply | Units that exist now, less verifiably burned assets, under CoinMarketCap’s definition. | It may include locked tokens. |
| Maximum supply | Estimated lifetime upper quantity, less verifiably burned assets, under CoinMarketCap’s definition. | Some tokens have no fixed maximum. |
Definitions are provider-specific: these supply descriptions follow CoinMarketCap’s methodology. Do not assume another data service applies identical rules.
What does FDV mean?
Fully diluted valuation is a price multiplied by a full-supply measure, but providers do not all specify the denominator the same way. CoinMarketCap defines FDV using maximum supply; CoinGecko describes a full-circulation calculation using total supply or maximum supply where applicable. CoinMarketCap Academy also explains the term in its FDV definition. When quoting or comparing an FDV, identify the provider and the supply basis it uses rather than treating the term as one universal formula.
For a hypothetical calculation, suppose a token costs $2, 10 million tokens circulate, and its maximum supply is 100 million. Its circulating market cap is $20 million; its FDV using maximum supply is $200 million. The FDV assumes the same $2 price across the larger supply. It does not show that the market would actually value all those tokens at that price, nor does it predict a future market cap.
Why is FDV higher than market cap?
When a provider’s FDV uses a supply figure larger than circulating supply, FDV will be higher at the same quoted price. The gap indicates that the chosen full-supply basis exceeds the estimated amount in circulation. It does not reveal when additional tokens might become available, whether holders will sell them, or whether demand will absorb new supply.
Market cap and FDV both depend on a quoted price and a supply input. Neither alone establishes fundamental value or future price performance. A large difference between them is a reason to inspect supply and release details, not a standalone forecast of dilution or price movement.
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- Supply denominator: Confirm whether the displayed valuation uses circulating, total, or maximum supply. For FDV, note the provider’s specific basis.
- Circulating-supply methodology: Check how the provider treats locked tokens, insider allocations, and assets unavailable for public sale. CoinMarketCap’s market data and cryptoasset rank page describes the role of market data in its rankings; consult its methodology for supply treatment.
- Circulating share: Compare circulating supply with total or maximum supply, using clearly identified provider figures. A low circulating share may mean the headline market cap reflects only a fraction of the relevant full-supply figure, but does not by itself establish when the remainder will enter circulation.
- Issuance and unlock timing: Look for the amount and timing of future issuance or scheduled unlocks. The market-cap-to-FDV gap alone does not provide that schedule.
- Liquidity: Consider whether the token can be traded in meaningful size without the quoted price changing substantially. Market cap is not a promise that the whole supply could be sold at the displayed price.
Prices and supply figures change, and providers may update them at different times. For a live comparison, record the data service, its price and supply inputs, and the time checked; compare like with like rather than mixing denominators or provider methodologies.
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