Market capitalization is the foundational valuation metric in crypto. The formula is straightforward: Current Price multiplied by Circulating Supply. If a token trades at $50 and has 200 million tokens in circulation, its market cap is $10 billion. This single number lets investors compare assets of vastly different unit prices on a level playing field — a $0.10 token with 100 billion circulating tokens ($10B market cap) is valued the same as a $10,000 token with 1 million circulating tokens ($10B market cap). Market cap is always less than or equal to fully diluted valuation (FDV), which uses max supply or total supply instead of circulating supply. The gap between the two reveals how much future dilution remains. A token with a $2B market cap and a $10B FDV still has 80% of its supply locked or unvested — meaning current holders face significant future dilution as those tokens enter circulation. Tracking this ratio is essential for understanding the true cost of holding a token through its full emission schedule. On Tokenomist, market cap appears in the Fundamentals section of each token detail page in two forms. Reported Market Cap uses CoinGecko's circulating supply figure — the industry-standard number you see on most aggregators. Adjusted Market Cap is Tokenomist's proprietary metric that uses released supply (all tokens that have exited their locked state, including those still held by insiders) instead. The difference between these two figures quantifies insider-held unlocked supply — a critical risk factor that standard market cap alone cannot capture. Both metrics are available across the Token Unlocks Dashboard and Emission Screener for cross-token comparison.