Research · Altcoins
ICP market-capitalisation history in context
Last reviewed 2026-09-21Source: CoinGecko market-capitalisation and supply data for ICP; method described belowNo capitalisation figure is asserted; the construction of the series and its supply effect are described.
Dataset, period and method
The dataset is the market-capitalisation series for ICP published by CoinGecko, which is computed as the price of the token multiplied by its circulating supply at that date. The period runs from the May 2021 listing to the review date. The method is the standard capitalisation construction, and it is the same one this site describes on its market cap explained page.
The important property of that construction is that it has two inputs. A change in the capitalisation series can come from a change in price, a change in circulating supply, or both. For an asset whose supply is fixed or growing slowly, the supply term is close to constant and the series is a reasonable proxy for price. For an asset with a large scheduled release of tokens, the supply term is a first-order driver of the series in its own right.
ICP is in the second category. The network's token distribution included a substantial allocation subject to a release schedule, so the circulating supply has grown over the period covered here. That growth is a documented feature of the network's tokenomics rather than a market event, and it means the capitalisation series and the price series can move in different directions over the same window.
The launch and vesting supply effect
| Input to the series | Behaviour over the period | What it means for the reading |
|---|---|---|
| Price | Set by trading on venues; moves with market conditions | The term a reader usually has in mind when they look at a capitalisation chart |
| Circulating supply | Grows as scheduled releases enter circulation | A second, independent driver that raises the series even when price is flat |
| Capitalisation (price × supply) | Reflects both inputs at once | A rise can occur with a falling price if supply grew faster; the series alone cannot separate the two |
| Comparison with a fixed-supply asset | Bitcoin's supply grows on a known, decelerating schedule | The two series are not measuring the same thing, so a direct overlay is misleading |
Last reviewed 2026-09-21Source: CoinGecko supply and capitalisation data; ICP token distribution documentationDescribes the construction of the series; no supply or capitalisation figure is quoted.
The practical lesson is that a capitalisation chart for a vesting-supply token should never be read as a price chart. If the series rises while the price falls, the supply term has done the work. If the series falls more slowly than the price, the same is true in the other direction. A reader who wants to know what the market did to the token should look at the price series; a reader who wants to know what the market valued the network at should look at the capitalisation series and remember that the two are different questions.
There is a second-order effect worth naming. A scheduled release increases the number of tokens available to trade, which can itself affect the price if demand does not grow to match. That is a supply-side influence on price rather than a market-wide factor, and it is specific to tokens with a release schedule. It is one reason the ICP price record cannot be read as a clean measure of market sentiment toward the network.
Reading the series in context
The right context for the ICP capitalisation series is the network's own supply schedule. The Internet Computer's token distribution and release arrangements are documented by the project, and a reader who wants to interpret the capitalisation record needs that schedule alongside it. Without it, a rise in the series is ambiguous.
The second piece of context is the wider market. Bitcoin's capitalisation is the reference point this site uses for market-wide conditions, and its dominance measure is one way to see whether the market as a whole is favouring the largest asset or spreading outward. That is a market-structure observation, not a claim about any individual token.
The third is the honest limit of the exercise. Market capitalisation is a constructed measure with known weaknesses — it treats every token as if it traded at the last price, and it ignores the difference between tokens that are liquid and tokens that are not. Those weaknesses are larger for a token with a substantial locked or slowly releasing supply than for one with a fully circulating float.
Limitations
The circulating-supply figure used by any aggregator is an estimate of what is tradeable, and different providers define it differently. A capitalisation series is therefore provider-dependent in a way a price series is not, and comparisons across providers should be made with that in mind.
The period is short. ICP's capitalisation history covers a single market cycle, so it cannot show how the relationship between price and supply behaves across different market regimes.
Finally, this page does not assert a capitalisation figure, a supply figure or a return. The construction of the series and the effect of the release schedule are described because they are documented properties of the network's tokenomics; the numbers themselves change daily and belong to the source, not to this page.
Sources and references
The capitalisation and supply series come from CoinGecko. The token distribution and release arrangements are documented by the Internet Computer project.
- ICP market capitalisation and supply. CoinGecko, Internet Computer (ICP): the capitalisation series and the circulating-supply figures behind it.
- ICP token distribution and release. Internet Computer, ICP tokens: the project's own description of the token's distribution and the arrangements governing its release.
- What market capitalisation measures. Bitcoin Data Guide, Market Cap Explained: the construction of the measure and where it misleads.
Related reading
- Research HubEvery dataset on the site, with methodology and provenance.
- Altcoin ResearchAltcoins measured against Bitcoin: design intent, consensus, execution, scaling and market structure.
- The ETH-BTC Correlation RecordHow the correlation is measured, how it behaves across windows, and where it breaks down.
- The ETH/BTC RatioWhat the ratio measures, how to read its trend, and why it is not a forecast.
- ETH During Bitcoin Bull PhasesAssociation within a common market factor, and what co-movement cannot establish.
- ETH During Bitcoin Bear PhasesDrawdown depth and duration compared over identical windows, and the limits of the comparison.