The circulation of a cryptocurrency refers to the total number of coins that are currently in circulation. The economics of cryptocurrency circulation is based on the principle of scarcity. If a cryptocurrency has a limited supply, but high demand, its value is likely to increase. Alternatively, if there is a large supply of a particular cryptocurrency, but low demand, its value is likely to decrease. The circulation of a cryptocurrency is also impacted by external factors such as regulation, which can limit or increase circulation through various mechanisms.