Circulating Supply vs Total Supply
Circulating supply and total supply describe different parts of a cryptocurrency’s token count.
Circulating supply generally refers to tokens considered available in the market. Total supply generally includes tokens that exist, including some that are locked or reserved, while excluding tokens permanently burned.
Maximum supply is another term. It refers to a stated upper limit, when the asset has one. Not every cryptocurrency has a fixed maximum.
Imagine a product with some units on store shelves and others still held in a warehouse. The shelves represent circulation; the warehouse helps explain why more units may become available later.
In crypto, unlock schedules and new issuance can change circulating supply over time. These changes may affect selling pressure, but they do not determine price by themselves.
Data providers may classify locked, treasury, or insider holdings differently. Check how the source defines its figures before comparing projects.
Fully diluted valuation commonly estimates value using price multiplied by a broader supply measure, often maximum or total supply. Read the provider’s definition.
For beginners, ask who holds the remaining tokens, when they may enter circulation, and whether the supply rules can change. Today’s price is only part of the story.
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