Market cap

The formula is simple — circulating supply × price — but circulating supply itself takes real research to get right, since it should exclude locked, burned, or team-held tokens that aren't actually tradable.

For example, an asset with 19,000,000 coins in circulation at a price of $60,000 each has a market cap of 19,000,000 × $60,000 = $1,140,000,000,000 (about $1.14 trillion).

A common mistake is judging a coin as 'cheap' or 'undervalued' from its unit price alone. A $0.01 token with 500,000,000,000 in supply has the same $5,000,000,000 market cap as a $50 token with 100,000,000 in supply — unit price says nothing about value on its own.