Market Capitalization aka Market Cap in the world of regular stocks and shares simply means the total dollar market value of a company's outstanding shares. Market Cap is calculated by multiplying the number of outstanding shares by the current market price.
An example is a company with 1 million shares which sell for $10 each would create a market cap of $10Million.
In the world of cryptocurrency market cap is the total value of that cryptocurrency which is created by multiplying the market price of the coin by the total number of coins in circulation.
Market Cap for Bitcoin is simply the total value of all the coins that have been mined. Coins X Currently Coin Price = Market Cap.