What is the difference between market cap and FDV?

Market cap uses circulating supply (tokens available now). FDV uses max supply (all tokens that will ever exist). A large gap between them means significant future token inflation could dilute value.

Can market cap tell me if a coin is overvalued?

Market cap alone cannot determine overvaluation, but comparing a project's market cap to competitors with similar utility provides useful context. Combine it with on-chain metrics and fundamentals for a fuller picture.

Why do some tokens have no max supply?

Some tokens, like ETH, have no hard cap. Their supply is managed through issuance schedules and burn mechanisms. For these tokens, FDV is typically calculated using the total current supply rather than a max supply.

How to Calculate Market Cap

4 min readCrypto

Market capitalization is the most widely used metric for sizing a cryptocurrency project. Understanding market cap, fully diluted valuation, and how to use them for price-target analysis is fundamental for any crypto investor. This guide covers the formulas and shows how to apply them with Toolin's Market Cap Calculator.

Quick Steps

1
Open the Market Cap Calculator
Navigate to the Market Cap Calculator tool on Toolin.
2
Enter the token price
Type the current or target price per coin.
3
Enter the circulating supply
Input the number of tokens currently available in the market.
4
Optionally enter max supply
Add the maximum supply to calculate fully diluted valuation.
5
Analyze the results
Compare market cap and FDV to evaluate the project's valuation.

Market Cap Calculator

Calculate cryptocurrency market capitalization from price and supply

Open Tool

Market Cap Formula

Market Cap equals Current Price multiplied by Circulating Supply. It tells you the total market value of all currently available coins. Fully Diluted Valuation (FDV) uses the maximum or total supply instead of circulating supply, showing what the market cap would be if every possible token existed today. FDV is important for assessing long-term inflation risk.

Calculation Examples

Market Cap = Price × Circulating Supply
  Example: $50,000 × 19,500,000 BTC = $975,000,000,000

FDV = Price × Max Supply
  Example: $50,000 × 21,000,000 BTC = $1,050,000,000,000

Price Target = Target Market Cap / Circulating Supply
  Example: $500,000,000,000 / 19,500,000 = $25,641 per BTC

Using the Market Cap Calculator

Enter the token price

Type the current price per coin or the hypothetical price you want to evaluate.

Enter circulating supply

Type the number of tokens currently in circulation. This data is available on sites like CoinGecko or CoinMarketCap.

Enter max supply (optional)

If you want to see the FDV, enter the token's maximum supply. Some tokens have no cap.

Review market cap and FDV

The calculator displays both values so you can compare them and assess token inflation.

Why Market Cap Matters More Than Price

A $0.01 coin is not 'cheap' if it has trillions of tokens in supply.
Market cap lets you compare projects regardless of per-token price.
Price targets become realistic when framed as market cap equivalents.
FDV vs. market cap ratio reveals how much supply inflation to expect.

Try Market Cap Calculator Now — Free, No Sign-up

Frequently Asked Questions

What is the difference between market cap and FDV?: Market cap uses circulating supply (tokens available now). FDV uses max supply (all tokens that will ever exist). A large gap between them means significant future token inflation could dilute value.
Can market cap tell me if a coin is overvalued?: Market cap alone cannot determine overvaluation, but comparing a project's market cap to competitors with similar utility provides useful context. Combine it with on-chain metrics and fundamentals for a fuller picture.
Why do some tokens have no max supply?: Some tokens, like ETH, have no hard cap. Their supply is managed through issuance schedules and burn mechanisms. For these tokens, FDV is typically calculated using the total current supply rather than a max supply.