Read the supply label before the number
CoinMarketCap’s documentation distinguishes circulating, total and maximum-supply concepts and separates their valuation conventions. A minted unit count, an estimate of public circulation and a potential maximum should not be treated as interchangeable.
Keep the definition, source and review date with the number. An unknown maximum is not zero. A changing or unbounded issuance rule requires its own explanation rather than an invented finite cap.
Evidence: CoinMarketCap supply definitions
Use a fictional token to expose the denominator
Assume an invented current price of $2, circulating supply of 3 million units, total supply of 6 million and maximum supply of 10 million. These are teaching assumptions, not facts about a named asset.
Multiplying price by each denominator gives $6 million, $12 million and $20 million respectively. The $20 million figure uses maximum supply as the stated FDV convention for this example.
| Denominator | Units | Price × units |
|---|---|---|
| Circulating | 3,000,000 | $6,000,000 |
| Total | 6,000,000 | $12,000,000 |
| Maximum (example FDV) | 10,000,000 | $20,000,000 |
FDV holds the price constant as an assumption
The example does not show that all units can be sold at $2 or that future issuance leaves the price unchanged. Multiplication under an assumed price is a valuation convention, not a demand model.
It also does not measure cash invested in the project or promise future market capitalization. A large difference between denominators raises questions about definitions, timing and restrictions; it is not, by itself, a forecast or a trading signal.
Do not equate unlocked with independently circulating
Provider methods can distinguish public float, locked allocations and other supply categories. The specific classification needs evidence; a visible balance or an unlocked label does not alone prove that every unit is part of a provider’s circulating estimate.
An apparent difference may reflect a revised estimate or policy rather than a transaction that changed supply at that instant. State whether the value was sourced, estimated or unavailable. This guide does not audit a token contract or allocation schedule.
Evidence: CoinMarketCap supply definitions
Normalize the comparison before drawing an inference
Align asset identity, network, units, price currency, observation time and the definition used for the supply value. Comparing one asset’s circulating capitalization with another’s fully diluted figure mixes conventions.
If a table does not state the denominator for a diluted value, consult its documentation or mark it unresolved. Avoid filling a missing field with zero or assuming a provider will use a particular fallback when a maximum is unknown.
Use the market table within its actual scope
The current CryptoTrades market table shows sourced capitalization snapshots; it does not provide a complete live supply or FDV analysis. It cannot validate the fictional example’s inputs or resolve every supply classification.
Use it to practice identifying a source and timestamp. For a supply-focused research note, retain the original evidence, definition and limitations separately. The capitalization-versus-liquidity guide explains another reason a large valuation is not a guarantee of selling capacity.
Evidence: CryptoTrades data methodology
Sources & method
- CoinMarketCap supply definitions
Provider supply and valuation conventions; no independent token-supply verification. Checked 2026-10-29.
- CryptoTrades data methodology
Quote/retrieval times and cache behavior checked against the current site adapter. Checked 2026-10-29.
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