ICOs are almost like a different form of crowdfunding for the crypto community. As such, there isn’t a traditional market cap associated with most ICOs. Once the initial release of tokens has finished, the project will be given a legitimate market cap that follows all of the numbers from the first sale.

You can also take a look at the price of each token available and multiply that by how many are being released if you’d like. For example, let’s say you have an ICO that is offering tokens at $1 each with 10 million available – the market cap for the ICO could be considered $10,000,000 at that point.