Crypto Market Cap Calculator

What Is Market Capitalization?

Market capitalization (market cap) is the total value of a cryptocurrency's circulating supply. It represents how much the market collectively values all existing coins or tokens of a given project. Market cap is the single most widely used metric for comparing the relative size of different cryptocurrencies.

When someone says Bitcoin is worth $2 trillion or Ethereum is worth $340 billion, they are referring to market capitalization. It is calculated by multiplying the current price of one coin by the total number of coins in circulation. This gives you a single number that represents the aggregate value the market places on the entire network.

Market cap matters because price alone tells you almost nothing. A coin priced at $0.001 could have a higher market cap than a coin priced at $50,000 if enough coins exist. Understanding market cap helps investors compare projects on a level playing field.

Market Cap Formula

The formula for market capitalization is straightforward:

Market Cap = Price per Token x Circulating Supply

For example, if a token trades at $50 and there are 100 million tokens in circulation, the market cap is $5 billion. If the price doubles to $100, the market cap doubles to $10 billion, assuming the supply stays constant.

You can also rearrange this formula to find the price a token would need to reach a specific market cap:

Required Price = Target Market Cap / Circulating Supply

This reverse calculation is what powers the "What If" mode of the calculator above. Enter a target market cap and circulating supply to see what price the token would need to reach.

Market Cap Tiers

Cryptocurrencies are informally grouped into tiers based on their market capitalization. These tiers help investors quickly gauge a project's size, liquidity, and general risk profile:

These categories are not official standards. Different analysts may use slightly different thresholds. The key takeaway is that larger market caps generally indicate lower risk and more liquidity, while smaller caps carry more uncertainty but also more potential upside.

Market Cap vs Fully Diluted Valuation

Market cap uses circulating supply: the number of tokens currently available and trading. Fully Diluted Valuation (FDV) uses maximum supply: the total number of tokens that will ever exist, including those not yet released.

FDV = Price per Token x Maximum Supply

The gap between market cap and FDV reveals dilution risk. If a token has a market cap of $1 billion but an FDV of $10 billion, that means 90% of the token supply has not yet entered circulation. As those tokens unlock (through vesting schedules, staking rewards, or mining), they may put downward pressure on the price.

Bitcoin has a relatively small gap between market cap and FDV because approximately 94% of all BTC has already been mined. Its maximum supply is 21 million, and roughly 19.8 million are in circulation. Many newer projects, by contrast, launch with only 10-20% of tokens circulating, creating a massive FDV relative to their actual market cap.

Always check both numbers before investing. A project with a $500 million market cap might seem small, but if its FDV is $20 billion, there is substantial future supply that could dilute your position.

Why Market Cap Matters More Than Price

One of the most common mistakes new crypto investors make is judging a token by its price alone. A token priced at $0.0001 feels "cheap" compared to Bitcoin at $100,000. But price per token is meaningless without knowing how many tokens exist.

Consider two hypothetical tokens:

• Token A trades at $0.01 with 100 billion tokens in circulation, giving it a market cap of $1 billion
• Token B trades at $500 with 1 million tokens in circulation, giving it a market cap of $500 million

Token A is priced lower but is actually the larger project by market value. If Token A were to reach Bitcoin's market cap of $2 trillion, each token would be worth $20: a 2,000x increase. But getting a project from $1 billion to $2 trillion requires an enormous amount of capital flowing in.

This is the "cheap coin" fallacy. A token priced at fractions of a penny is not inherently a good deal. What matters is the total market value and whether there is a realistic path for that value to grow. Use this calculator to model realistic scenarios instead of assuming every low-priced token can reach $1 or $10.

How to Use This Calculator

This calculator has two modes:

• Calculate Market Cap: enter a token's current price and its circulating supply to see its market capitalization. Optionally enter the maximum supply to see the Fully Diluted Valuation.
• Price at Market Cap: enter a target market cap and the token's circulating supply to find the price per token required to reach that valuation. Use this to test "what if" scenarios.

Quick-fill buttons are provided for popular tokens like BTC (19.8M supply), ETH (120.4M), and SOL (520M). You can also enter any custom supply number for newer or less common tokens.

All calculations happen instantly as you type. No API calls are made: this is pure math running in your browser.

Frequently Asked Questions

What is a good market cap for crypto?

There is no universal "good" market cap. It depends on your risk tolerance and investment goals. Mega-cap cryptocurrencies like Bitcoin and Ethereum ($100B+) offer the most stability and liquidity. Mid-cap projects ($1B-$10B) balance growth potential with some track record. Anything below $100M carries significantly higher risk. Most financial advisors recommend concentrating crypto holdings in the top 10-20 projects by market cap.

Why can't every coin reach Bitcoin's market cap?

Bitcoin's market cap of approximately $2 trillion means $2 trillion worth of value is collectively held in BTC. For another cryptocurrency to reach that same valuation, an equivalent amount of capital would need to flow into that asset. The total crypto market is around $3.5 trillion. There simply is not enough capital for dozens of projects to each reach $2 trillion. Market cap is a zero-sum competition for investor dollars.

What is fully diluted valuation?

Fully Diluted Valuation (FDV) is the theoretical market cap if all tokens that will ever exist were in circulation at the current price. It is calculated as price multiplied by maximum supply. FDV is higher than market cap for any project that has not yet distributed its full token supply. A large gap between market cap and FDV signals potential dilution risk for investors.

How is circulating supply different from total supply?

Circulating supply is the number of tokens actively available in the market right now. Total supply includes all tokens that have been created, even those locked in vesting contracts, treasury wallets, or staking. Maximum supply is the hard cap on tokens that will ever exist. For Bitcoin, circulating supply is approximately 19.8 million, total supply is the same, and maximum supply is 21 million. For many newer tokens, circulating supply can be as low as 10-20% of maximum supply.

Can market cap go down?

Yes. Market cap changes constantly as price moves. If a token drops 50% in price and no new tokens are issued, its market cap also drops 50%. Market cap can also decrease in real terms even if the price stays flat, if the perception of the project weakens and buyers dry up. During bear markets, the total crypto market cap has historically declined 70-80% from peak to trough.

What does market cap tell you about a cryptocurrency?

Market cap tells you the aggregate value the market assigns to a project. Larger market caps suggest broader adoption, higher liquidity, and lower relative risk. However, market cap alone does not tell you whether a project is overvalued or undervalued. You also need to consider fundamentals: developer activity, user adoption, revenue (if applicable), tokenomics, and competition. Market cap is a starting point for comparison, not a complete analysis.

Is market cap the same as a company's valuation?

Not exactly. In traditional finance, market capitalization is calculated as share price times outstanding shares, and the company also has revenue, assets, and liabilities. Crypto market cap is simply price times circulating tokens. Most crypto projects do not have earnings or balance sheets in the traditional sense. The comparison is useful for understanding relative size, but crypto market cap does not represent enterprise value the way stock market cap does.

How do I find a token's circulating supply?

Sites like CoinGecko and CoinMarketCap list circulating supply, total supply, and maximum supply for thousands of tokens. For Bitcoin, the circulating supply is publicly verifiable on the blockchain itself. For tokens on Ethereum or Solana, supply data can be verified through block explorers like Etherscan or Solscan.