Market capitalisation (market cap)

Market capitalisation is the current price of a coin multiplied by its circulating supply. If a token trades at ₹100 and 10 million are in circulation, its market cap is ₹100 crore. Rankings of "top coins" are almost always sorted by market cap.

Market cap is a quick way to compare the size of different assets, but it has limits. It does not mean that much money was invested or could be withdrawn. Selling even a small share of supply can move the price sharply if trading is thin. A token with a tiny circulating supply and a high price can show a large market cap that very little real trading supports.

"Fully diluted valuation" (FDV) uses the maximum or total supply instead of circulating supply and shows what the market cap would be if every token were in circulation. A large gap between market cap and FDV means significant future dilution.