Crypto Market Cap Calculator
Market capitalization is the simplest measure of a cryptocurrency's total value: price multiplied by circulating supply. This calculator also computes the fully diluted valuation (FDV) using maximum supply, and lets you model implied prices at target market cap scenarios. Enter your figures to instantly see all outputs. No live data is used; all values are user-supplied.
Market cap formula
Market Cap = Current Price x Circulating Supply
Fully Diluted Valuation = Current Price x Max Total Supply
Implied Price = Target Market Cap / Circulating Supply
Multiple = Target Market Cap / Current Market Cap
The market cap formula is the same as that used in traditional equity markets (price per share times shares outstanding), as described in standard financial accounting literature.
Interpreting market cap figures
- Large cap crypto (above $10 billion market cap): Bitcoin, Ethereum, and a small number of others. Generally more liquid and less volatile.
- Mid cap crypto ($1 billion to $10 billion): established projects with growing ecosystems. Higher risk and reward than large cap.
- Small cap crypto (below $1 billion): newer or niche projects with high growth potential and high risk.
- FDV significantly above market cap indicates many tokens are still locked (vesting, treasury reserves). These future unlocks can create sell pressure.
- Bitcoin has a fixed max supply of 21,000,000 BTC, making FDV and market cap converge over time as more BTC is mined.
Market cap: frequently asked questions
What is cryptocurrency market capitalization?
Market capitalization (market cap) is the total value of all circulating coins of a cryptocurrency. It is calculated as: Market Cap = Current Price x Circulating Supply. Market cap is used to rank cryptocurrencies by size and compare relative valuations. It does not represent the total amount of money invested in a coin.
What is the difference between market cap and fully diluted valuation?
Market cap uses the circulating supply (coins currently in circulation). Fully diluted valuation (FDV) uses the maximum total supply (all coins that will ever exist, including those not yet minted or released from vesting). FDV = Price x Max Total Supply. For projects with significant future token unlocks, FDV can be much higher than market cap.
How do I find the circulating supply of a cryptocurrency?
Circulating supply is publicly reported by most projects and tracked by data aggregators. For Bitcoin, the current supply is derivable from the protocol (block height x block reward accounting for halving history). For other coins, check the project's official documentation or tokenomics page for accurate figures.
What does market cap tell me about a coin's price potential?
Market cap is used to calculate the implied price at a target valuation. For example, if a coin has 1 billion circulating tokens and you believe it will reach a $10 billion market cap, the implied price is $10 per token. This calculator lets you enter target market cap scenarios and calculates the price that would result.
Is market cap the same as the total money invested in a cryptocurrency?
No. Market cap is a mathematical calculation of price times supply, not a measure of capital inflows. A small number of trades at a high price can result in a large market cap without large amounts of real money changing hands. Always consider liquidity and trading volume alongside market cap.
Official sources
- SEC, Market Capitalization definition: sec.gov/answers/mktcap.htm.
- Bitcoin whitepaper (supply schedule): bitcoin.org/bitcoin.pdf.
Reviewed by the CalculatorHub team, edited by James Graham, 14 June 2026. See our methodology.