Circulating supply is the number of coins or tokens of a cryptocurrency currently available and held by the public. It excludes coins that are locked, reserved, or not yet issued. Crucially, it is the figure used to calculate market capitalisation.
That makes it central to judging size. Market cap is price times circulating supply, so two coins at the same price can carry vastly different valuations depending on how many are actually circulating. A low price with a huge supply can still add up to an enormous market cap.
Circulating supply also changes over time as new coins are issued or unlocked, which can dilute existing holders. Comparing it against total and maximum supply reveals how much future dilution may be coming.
Worked example
Market cap is price times circulating supply, so a coin at $2 with 100 million circulating has a $200 million market cap.
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This definition is general education, not investment advice. Markets — especially crypto — are volatile and you can lose money. Please read our disclaimer and see our methodology.