You can check out above graph to see how the market cap of Index ERC20 has changed over time. The market cap value depends on the value of Index ERC20 on that particular day and number of Index ERC20 in supply at that day.

How is Index ERC20 Market Cap calculated?

The Index ERC20 Market cap is calculated using a simple formula. You can find it below:

Index ERC20 Market Capitalization in USD = Number of ERC20 in supply X Price of one Index ERC20 in USD

Since the price of Index ERC20 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 Index ERC20 or predict the price of Index ERC20.