Circulating supply denotes the number of tokens of a particular cryptocurrency that have been created and are available in the market at a given time. In the crypto market, the circulating supply of coins is subject to change based on the rules, e.g., mining can increase the circulating supply of crypto while burning of tokens can reduce it.
Circulating supply can vary from the total supply of a token in the cryptocurrency market. For instance, the circulating supply of Bitcoin can vary based on the mining rate as new coins get added to circulation every 10 minutes. On the other hand, the total supply or max supply of Bitcoin remains fixed at 21 million tokens.