---
title: "Capitalization"
method: GET
path: "/btc/market-data/capitalization"
tags: ["BTC Market Data"]
---

# Capitalization

`GET /btc/market-data/capitalization`

This endpoint returns metrics related to market capitalization. First, we provide `market_cap`, which is total market capitalization of BTC, calculated by multiplying the total supply with its USD price. Moreover, we provide several adjusted capitalization metrics which are used for further fundamental analysis. `realized_cap` is the sum of each UTXO * last movement price. Since cryptocurrencies can be lost, unclaimed, or unreachable through various bugs, `realized_cap` is introduced to discount those coins which have remained unmoved for a long period. It is one way to attempt to measure the value of Bitcoin. This can be described as an on-chain version of volume weighted average price(VWAP). `average_cap` is forever moving average, calculated by dividing the cumulated sum of daily market cap with the age of market. Instead of using fixed time for calculating the moving average (e.g. 50 days, 100days ...), this serves as the true mean.  Both `realized_cap` and `average_cap` are used to calculate `delta_cap` (`realized_cap`-`average_cap`). `delta_cap` is often used to spot market bottoms. Moreover, by analyzing the movement of `delta_cap` which oscillates between `realized_cap` and `average_cap`, we could notice that market tops are reached when `delta_cap` is near `realized_cap`(in a log scaled chart). Another metric that can be used to spot market bottoms is `thermo_cap` which is the weighted cumulative sum of the mined cryptocurrency price. This metric provides the total amount of funds in the blockchain network and also helps to evaluate whether `market_cap` is overvalued or not.  
__[Go to Data Guide‣](https://userguide.cryptoquant.com/cryptoquant-metrics/market/capitalization-models)__


**📖 Data Guide:** [Capitalization models](/data-guide/market/capitalization-models) — definition, interpretation, and chart examples.

## Query parameters

- `window` string
- `from` string
- `to` string
- `limit` integer
- `format` string

## Response `200`

market_cap, realized_cap, average_cap, delta_cap, thermo_cap

- object
  - `status` object, required — The status object is return with most of requests and indicates if the request was successful. If it is not successful, error information is included.
    - `code` integer, required — HTTP status code
    - `message` string, required — Text description of the error or success.
  - `result` object, required
    - `window` string, required — The size of window. It can be day or block, and it depends on the user request.
    - `data` object[], required
      - `blockheight` string — The height of the block. This optional field only appears when window=block is used.
      - `date` string — The date in YYYY-DD-MM. This optional field only appears when window=day is used.
      - `datetime` string — The date and time formatted as YYYY-MM-DD HH:MM:SS (UTC time). This field only appears when window=block is used.
      - `market_cap` number, required — Market capitalization of BTC, calculated by total_supply * price_usd_close.
      - `realized_cap` number, required — The sum of all UTXOs multiplied by the price they last moved.
      - `average_cap` number, required — Forever moving average, calculated by dividing the cumulated sum of daily market cap with the age of market.
      - `delta_cap` number, required — realized_cap minus average_cap.
      - `thermo_cap` number, required — The weighted cumulative sum of the mined cryptocurrency price.

---

[API](https://skmtc.net/cryptoquant/apis/cryptoquant-data-api.md) · [All operations](https://skmtc.net/cryptoquant/apis/cryptoquant-data-api/llms.txt) · [OpenAPI document](https://skmtc-service-staging.skmtc.workers.dev/v1/apis/cryptoquant/cryptoquant-data-api/revisions/81ee223d4908/schema)