How market cap and FDV are calculated

Market capitalisation

Circulating supply multiplied by our reference price. Coins are ranked by market cap, recomputed as prices move.

Fully diluted valuation (FDV)

Total or maximum supply multiplied by the same price: what the asset would be worth if every token that can exist were in circulation today. A large gap between market cap and FDV usually means future unlocks.

When we leave it empty

If a supply figure is missing or clearly wrong, we leave market cap empty rather than publish a number that would distort the ranking. See Supply updates to report a supply.