Market capitalization (market cap) is a measure of the total value of all outstanding shares of a company's stock or, in this case, a cryptocurrency like Bitcoin.

Here's how to calculate Bitcoin's market capitalization:

Formula

Market Capitalization = Total Circulating Supply × Current Price

Example

Using the current numbers:

Total Circulating Supply = 19,822,081 BTC

Current Price = $96,093.23 USD

Market Capitalization = 19,822,081 BTC × $96,093.23 USD/BTC

= $1.903 trillion USD

In simpler terms, Bitcoin's market capitalization represents the total value of all Bitcoins in existence, assuming each coin is sold at the current market price.