What is the difference between market cap and fully diluted valuation (FDV)?
Market cap is the token's price times its circulating supply. Fully diluted valuation (FDV) is the same price times the total or max supply, as if every token were already out.1,2 A big gap between the two means many tokens are still to be released.2,3
Market cap
CoinGecko's formula for a token's market capitalisation, or market cap, is its current price times its circulating supply.1 CoinMarketCap uses the same formula.2
CoinGecko gives its own example. With 583,209,787 ZRX tokens circulating at $0.25 each, the market cap is $145,802,446.75.1
Fully diluted valuation
Fully diluted valuation, or FDV, asks a different question. What would all the tokens be worth together if every one of them were already in circulation, at today's price?4
The sites don't all agree on what "every token" means.4,5,2
| Who | FDV = price × ... |
|---|---|
| CoinGecko's guide, updated June 2025 | total supply4 |
| CoinMarketCap's 2022 guide | maximum supply5 |
| CoinMarketCap's guide, updated October 2026 | maximum or total supply2 |
| Etherscan's token page | the "max total supply"6 |
CoinMarketCap says that for most tokens, total supply and max supply are the same number, so FDV is clear. For some they differ a lot.7 CoinGecko's guide adds that some tokens show no FDV at all, because they have no max supply.4
The ratio
CoinGecko shows a "Market Cap / FDV" figure. The closer it is to 1, the closer market cap is to FDV.4 CoinMarketCap turns it upside down: FDV ÷ market cap, which it says shows how much issuance is still ahead.2
The price cancels out. Market cap ÷ FDV is simply circulating supply ÷ the supply used for FDV.4,2
On 7 October 2026, CoinMarketCap measured FDV ÷ market cap at 1.00 for Ethereum and 2.63 for Worldcoin. Bitcoin was just above 1.00, because about 4.3% of its coins are still to be mined.2 CoinMarketCap added: "That is not a prediction about price."2
Low float, high FDV
In May 2024, Binance Research, the research arm of the Binance exchange, published a report called "Low Float & High FDV". By low float it meant tokens launching "with low circulating supply" and high valuations.3
- The numbers. It put the market cap to FDV ratio of tokens launched so far in 2024 (data to 14 April 2024) at 12.3%. Among several recent launches it picked as examples, circulating supply was as low as 6% and none was above 20%.3
- Its view. It said a large amount of tokens coming onto the market poses selling pressure unless buying demand grows to match.8
- A warning about FDV. It also said FDV on its own does not paint a complete picture.3
CoinGecko's guide says whether an FDV is realistic is "a mere presumption" with a wide margin of error.4
Market cap = price × circulating supply. FDV = price × total supply, or price × max supply; say which.1,4,5
Example: 160,000,000 tokens circulating, a max supply of 1,000,000,000, and a price of $0.25. Market cap = $40,000,000. FDV = $250,000,000. Market cap ÷ FDV = 16%. The quizzes use these methods.
- Methodology. CoinGecko (the live page asked for a browser check; read via the Wayback Machine copy of 8 October 2026).
- What Is Tokenomics? (market cap and fully diluted value). CoinMarketCap Academy, figures pulled by CoinMarketCap on 7 October 2026, updated 7 October 2026.
- Low Float & High FDV: How Did We Get Here?. Binance Research, May 2024.
- What Is Fully Diluted Valuation (FDV) In Crypto?. CoinGecko Learn (read via the Wayback Machine copy of 13 July 2026), updated 9 June 2025.
- Fully Diluted Market Cap — How Emissions Kill Tokens in a Bear Market. CoinMarketCap Academy, 23 September 2022.
- Understanding the Token page. Etherscan Information Center, 25 March 2020.
- What Is Tokenomics? (which denominator the FDV uses). CoinMarketCap Academy, figures pulled by CoinMarketCap on 7 October 2026, updated 7 October 2026.
- Low Float & High FDV: How Did We Get Here? (unlocks). Binance Research, May 2024.
General education built from the publicly available sources listed above. Not financial, legal, tax or investment advice. Naming a company, project or regulator is not an endorsement either way. Last checked 2026-10-24. Terms and disclaimer.