> For the complete documentation index, see [llms.txt](https://docs.blockhorizon.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.blockhorizon.io/chart-tutorials/price-and-valuation/top-cap.md).

# Top Cap

Top Cap is a valuation model that scales Bitcoin’s lifetime Average Cap by a fixed factor of 35 to estimate an upper-bound valuation level.

$$
\text{Top Cap} = \text{Average Cap} \times 35
$$