GlossaryBeginner
Circulating Market Cap
Market capitalization calculated using only currently circulating supply, not total or max supply.
Circulating market cap is calculated by multiplying an asset's current price by its circulating supply only — the units actually available and tradeable in the market today, excluding locked, reserved, or not-yet-issued tokens.
This is the most commonly referenced "market cap" figure — see Kaavon's plain "Market Cap" glossary definition, which describes this exact same calculation — distinct from fully diluted valuation, which instead uses maximum possible supply.
Examples
- Circulating market cap only counts tokens actually available in the market today, not locked or future supply.
- Circulating market cap and fully diluted valuation can differ substantially for a token with significant future issuance.