Market cap uses coins that are circulating now
Circulating market capitalization is usually circulating supply × price. Circulating supply is the amount the data provider treats as available in the market today. That is the figure most public rankings sort on, including TokenCap’s live tables via CoinGecko. For a plain definition of market cap itself, see what is market cap in crypto.
Market cap is a size signal at a moment in time. It is not “how much was raised,” not a quality score, and not advice to buy or sell.
What fully diluted valuation (FDV) means
Fully diluted valuation asks a different question: if every token that could exist were trading at today’s price, what would the market value look like? Dashboards typically compute FDV as total supply × price or max supply × price, depending on what the project and data provider publish.
- Circulating supply — tokens treated as available now.
- Total supply — tokens created so far, including locked, reserved, or non-circulating balances the provider still counts as issued.
- Max supply — the hard cap if one exists; some assets have no fixed max.
When circulating supply is much smaller than total or max supply, FDV sits well above market cap. That gap is often where unlock schedules and emissions live.
Why FDV can mislead (and when it helps)
A token with a tiny float can look “cheap” on circulating market cap while FDV implies a much larger eventual size. Upcoming unlocks can add supply and selling pressure. FDV is useful as a dilution map, not as a precise fair value. Providers also differ on how they classify locked or staking balances, so always check the live supply fields rather than memorizing a number from an article.
This page does not invent prices, supply figures, or search-volume stats. Open the live markets table for current CoinGecko-backed data.
How to use both metrics on TokenCap
Start with circulating market-cap order on the live table to see relative size today. When a name looks oddly small for its narrative, open its coin page on TokenCap: it lists circulating supply, total supply, and max supply from CoinGecko. If circulating supply is a small fraction of total or max supply, FDV will be far above market cap, and that is the cue to look up the project’s unlock schedule before reading too much into the ranking. Category landings such as Ethereum tokens, Solana tokens, and DeFi tokens are crawlable entry points into the same live tables.
TokenCap stays clean: no ads, no affiliates. Data comes from CoinGecko’s public market API, with short client-side caching.
Disclaimer
TokenCap provides market information only. Nothing on this site is financial, investment, legal, or tax advice. Cryptocurrency markets are volatile. Always verify figures on the live table and do your own research before making decisions.