Circulating Supply
In the context of cryptocurrencies, the circulating supply is the number of coins or tokens that are circulating in the cryptocurrency market and thus accessible to the public.
The term is often heard in the context of cryptocurrencies and other financial markets. But what is circulating supply and how is it calculated for each cryptocurrency?
What is Circulating Supply?
In the context of cryptocurrencies, the circulating supply is the number of coins or tokens that are circulating in the cryptocurrency market and thus accessible to the public.
How is the Circulating Supply determined?
Over time, the circulating amount of coins for a certain cryptocurrency can increase or decrease.
For example, when talking about Bitcoin, the circulating supply is bound to increase until all 21 million coins are mined and in circulation. This gradual increase of coins is programmed into the Bitcoin network by design, allowing new coins to be created every 10 minutes until the total supply is mined.
On the contrary, cryptocurrencies also implement planned reductions in their circulating supply, to hopefully increase the value and scarcity of their coins or tokens. This is done through what is more commonly known as a coin burn, a process that permanently removes coins from the market at specific timeframes.
One of the most popular examples of this reduction method is BNB, the native cryptocurrency of Binance. You can use a Binance Coin calculator to see how coin burns affect the current value and total supply of BNB.
What is the difference between circulating supply and total supply?
The total supply of a cryptocurrency is not the same as the circulating supply. The main difference between the two is that:
- The circulating supply refers to the coins/tokens that are publicly available and trading in the market
- The total supply refers to the total amount of coins/tokens in existence. The total supply can also increase or decrease, depending on several factors.
Ethereum is a good example of a gradually increasing total supply. The cryptocurrency’s total supply is circulating the market and increasing over time, a practice that causes concerns for inflation. If you’re interested in this cryptocurrency, you can buy Ethereum to add it to your portfolio.
On the contrary, the total supply of coins can also decrease, as is the case with coin burns.
Additionally, one can calculate the total market capitalization of a coin by multiplying a coin’s market price with the number of circulating coins.
For example, if a certain cryptocurrency is traded at $2.00 each, and has a circulating supply of 1 million coins, the total market cap would equal $2 million.
FAQ
What is circulating supply in crypto?
Circulating supply refers to the number of cryptocurrency coins or tokens that are publicly available and actively circulating in the market. This includes coins that have been mined, issued, or unlocked and are not permanently locked, reserved, or burned. It’s the most commonly used figure when calculating a cryptocurrency’s market capitalization.
What does circulating supply mean for a crypto's price?
Circulating supply directly affects a coin’s market cap, which is calculated by multiplying the current price by the circulating supply. A lower circulating supply with high demand tends to push prices up, while a large or rapidly increasing circulating supply can dilute value. This is why investors pay close attention to token emission schedules and unlock events.
What is the circulating supply of XRP?
XRP has one of the largest circulating supplies of any cryptocurrency. As of early 2026, roughly 57–58 billion XRP are in circulation out of a total fixed supply of 100 billion. Ripple Labs holds a significant portion of the remaining supply in escrow, releasing a set amount each month, which is an important factor for investors monitoring potential price dilution.
What is Bitcoin's circulating supply?
Bitcoin’s circulating supply increases gradually as miners are rewarded for validating blocks. As of 2026, approximately 19.8 million BTC are in circulation out of the hard-capped maximum supply of 21 million. The remaining Bitcoin will be mined slowly over the coming decades, with the last coin projected to be mined around 2140 due to the halving mechanism.
What is the difference between circulating supply, total supply, and max supply?
These three terms are often confused but measure different things. Circulating supply is what’s actively in the market right now. Total supply includes circulating coins plus any that are locked, reserved, or held by the team, but excludes burned coins. Max supply is the absolute ceiling that will ever exist for a given cryptocurrency; Bitcoin’s max supply is 21 million, while some coins like Ethereum have no hard cap at all.
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