You can check out above graph to see how the market cap of Tezos has changed over time. The market cap value depends on the value of Tezos on that particular day and number of Tezos in supply at that day.

How is Tezos Market Cap calculated?

The Tezos Market cap is calculated using a simple formula. You can find it below:

Tezos Market Capitalization in USD = Number of XTZ in supply X Price of one Tezos in USD

Since the price of Tezos is highly volatile you can see the market cap going up and down a lot. Sometimes price and market cap are not linear to each other due to increase in the supply of coins in the market and stable or decrease in the price of the coin. So you can say that it's not simple to predict the market cap of Tezos or predict the price of Tezos.