What impact does circulating supply have on total market cap?

You can see from the chart it appears to have almost no impact. You have the same few breakout coins marked on there which have left the rest behind but generally the cap is completely independent of the circulating supply.

This makes sense as we showed in the initial post that there is a relationship between circulating supply and individual coin price.

There is a good spread of circulating supply figures for the top 100 coins in general, so it appears investors are pretty comfortable with both high supply and low supply coins.