Which crypto fundamentals the market actually pays for
Each of the 25 scored variables ranked against live market capitalisation across 251 tokens. The gap between what the framework rewards and what the market pays for is the whole opportunity set.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What the market charges for
The right-hand column is a rank correlation between a variable and market capitalisation. High means the market already pays up for tokens that score well, so the score is mostly in the price. Near zero means the market is indifferent, which is where a variable can still be worth something to somebody willing to hold the disagreement.
Exchange Depth is the most priced variable in the set at 0.65, and P/S Multiple the least at -0.12. 19 of 25 variables clear 0.15; the other 6 show no consistent preference at all. Read down the bottom of this table and you are looking at every input the market is currently not charging for.
Mean correlation with market capitalisation by theme. The spread between the top theme and the bottom one is the single most useful number on this page: it says the market is paying for position and not for supply.
| # | Variable | Theme | Median | Composite r | Market cap |
|---|---|---|---|---|---|
| 1 | Exchange Depth | Position | 5 | 0.45 | 0.65 |
| 2 | Social Mindshare | Position | 4 | 0.63 | 0.57 |
| 3 | Institutional Adoption | Position | 3 | 0.8 | 0.54 |
| 4 | Market Share | Position | 4 | 0.82 | 0.49 |
| 5 | Active Users | Traction | 4 | 0.86 | 0.47 |
| 6 | Catalyst Calendar | Risk | 4 | 0.84 | 0.45 |
| 7 | Treasury Runway | Risk | 5 | 0.79 | 0.44 |
| 8 | Smart Money Flows | Ownership | 4 | 0.91 | 0.41 |
| 9 | Competitive Moat | Position | 4 | 0.84 | 0.39 |
| 10 | Network Growth | Traction | 4 | 0.89 | 0.38 |
| 11 | Team Execution | Risk | 5 | 0.86 | 0.32 |
| 12 | Developer Activity | Traction | 5 | 0.76 | 0.29 |
| 13 | Regulatory Safety | Risk | 5 | 0.32 | 0.28 |
| 14 | Revenue Trend | Cash flow | 3 | 0.86 | 0.27 |
| 15 | Protocol Revenue | Cash flow | 3 | 0.82 | 0.25 |
| 16 | TVL Trend | Traction | 3 | 0.78 | 0.22 |
| 17 | Holder Concentration | Ownership | 4 | 0.6 | 0.2 |
| 18 | BTC Alpha Potential | Risk | 3 | 0.63 | 0.2 |
| 19 | Circulating / FDV Ratio | Supply | 6 | 0.21 | 0.19 |
| 20 | Vesting Schedule | Supply | 5 | 0.32 | 0.13 |
| 21 | Real Staking Yield | Cash flow | 4 | 0.51 | 0.13 |
| 22 | Buyback and Burn | Supply | 2 | 0.64 | 0.07 |
| 23 | Supply Inflation | Supply | 5 | 0.34 | 0.06 |
| 24 | Insider Selling | Ownership | 5 | 0.58 | 0.05 |
| 25 | P/S Multiple | Cash flow | 4 | 0.57 | -0.12 |
Rank correlation (Spearman) against market capitalisation, computed over the tokens with a matched live market row. Composite r is Pearson against the total score. Correlation describes this universe at this moment. It is not a claim about cause.
Variables that say the same thing twice
23 pairs correlate at 0.8 or above across the 251 rated tokens. Any framework built by hand accumulates these, and knowing where they are stops a reader treating one finding as two.
All 25 variables by theme
Each variable has its own ranking of every rated token, so a single-variable screen is one click away: the cheapest tokens on cash flow, the cleanest on supply, the deepest on liquidity.
Cash flow
Supply
Ownership
Traction
Position
Risk
Common questions
- Which crypto fundamentals correlate with market cap?
- Exchange Depth correlates most strongly at 0.65, followed by the rest of the positioning variables. 6 of the 25 variables sit at 0.15 or below, meaning the market shows no consistent preference for them at all.
- Do tokenomics affect a crypto token's price?
- On this universe of 251 rated tokens, barely. The supply variables average 0.11 against market capitalisation, the weakest of any theme in the framework, while the positioning variables average 0.53. That is a statement about what the market currently charges for, not about what determines a long-term return.
- How many independent fundamental variables are there?
- Fewer than 25. 23 variable pairs correlate at 0.8 or above across the universe, which means they are close to restating each other and should be read as one position rather than two confirmations.
Keep reading
Research and analysis, not investment advice. Correlations describe the rated universe at one point in time.