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What does circulating supply mean?

A cryptocurrency’s circulating supply defines how many units of that cryptocurrency exist in the market at a point in time.

For example, there are 121,712,774 ETH, as of this writing.

The circulating supply of a cryptocurrency can increase or decrease over time. Understanding how many units of cryptocurrency exist helps investors determine the market capitalization of a cryptocurrency, itself a measure of the total size or value of a cryptocurrency.