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Cryptocurrency Market Cap is a metric measuring the economic size of crypto assets, calculated by multiplying the circulating token supply by the current market price. As the fundamental valuation standard for digital assets, market cap is categorized into total market cap (all tokens) and circulating market cap (tradable tokens), serving as the primary reference for assessing project scale and overall crypto market conditions.

A crypto bubble refers to a speculative inflation of prices in cryptocurrency markets where asset values far exceed their fundamental worth, eventually leading to a dramatic collapse. This market behavior is characterized by extreme euphoria, exponential price growth, massive funding for projects lacking substantial applications, and subsequent large-scale price crashes, forming a distinctive boom-and-bust cycle unique to crypto markets.