Circulating Supply vs Total Supply How They Affect Market Cap

In the dynamic world of cryptocurrency investing, understanding the fundamental metrics that determine a token’s value is essential for making informed investment decisions. Among these critical metrics, circulating supply, total supply, and market capitalization stand as the foundational pillars that every crypto investor must comprehend. While many newcomers focus solely on the price per token, experienced investors know that the real story lies in how supply metrics interact with market forces to create true valuations.

The relationship between Circulating Supply vs Total Supply isn’t just an academic exercise—it directly impacts your portfolio’s performance and risk exposure. When you see Bitcoin trading at a significantly higher price than many altcoins, the primary reason isn’t just demand; it’s the interplay between its limited supply and market cap. Similarly, when a promising project experiences unexpected price dilution despite positive developments, understanding token supply dynamics can help explain what went wrong.

Market capitalization, calculated by multiplying the current price by the circulating supply, serves as the most reliable indicator of a cryptocurrency’s total value in the market. However, this figure can be misleading if you don’t understand the difference between tokens currently available for trading and those locked away or yet to be released. This distinction becomes crucial when evaluating investment risk, potential returns, and long-term sustainability.

Throughout this comprehensive guide, we’ll explore how circulating supply differs from total supply and maximum supply, why these distinctions matter for market cap calculations, and how supply dynamics influence token price movements. We’ll examine real-world examples from leading cryptocurrencies like Bitcoin and Ethereum, discuss the concept of dilution risk, and provide actionable insights for evaluating tokenomics. Whether you’re a beginner trying to understand why two cryptocurrencies with similar prices can have vastly different market values, or an experienced trader looking to refine your analysis framework, understanding these supply metrics is fundamental to navigating the crypto markets successfully. By the end of this article, you’ll have the knowledge to assess any cryptocurrency’s true value proposition and make more strategic investment decisions based on comprehensive supply analysis rather than price alone.

What Is Circulating Supply

Circulating supply represents the number of cryptocurrency tokens or coins that are currently available in the market and actively being traded. This metric includes only those tokens that are accessible to the public and can be bought, sold, or transferred without restrictions. Think of circulating supply as the liquid portion of a cryptocurrency’s total inventory—the coins that are “in play” and contributing to daily trading volume.

The circulating supply excludes several categories of tokens. First, it doesn’t count coins held in reserve by the project team or foundation that are locked and cannot be immediately released. Second, tokens allocated for future rewards, such as mining rewards or staking incentives that haven’t been distributed yet, aren’t included. Third, coins that have been burned—permanently removed from circulation through specific mechanisms—are subtracted from this count.

For example, as of 2025, Bitcoin’s circulating supply stands at approximately 19.6 million BTC out of its maximum supply of 21 million. These are the coins that have already been mined and are available for trading on exchanges or held in wallets. The remaining coins haven’t been mined yet and therefore don’t factor into the current circulating supply calculation.

Understanding circulating supply is crucial because it directly affects the market cap calculation. When analysts and investors evaluate a cryptocurrency’s size and value, they multiply the current price by the circulating supply—not the total supply or maximum supply. This approach provides a more accurate representation of the cryptocurrency’s actual market value at any given moment.

The circulating supply can change over time through various mechanisms. In proof-of-work cryptocurrencies like Bitcoin, new coins enter circulation as miners successfully validate blocks. In proof-of-stake networks, validators earn new tokens as rewards. Conversely, circulating supply can decrease through burning mechanisms, where tokens are permanently destroyed, or through long-term holding patterns where significant amounts become dormant.

What Is Total Supply

Total supply refers to the complete number of cryptocurrency tokens that currently exist, whether they’re actively traded or not. This metric encompasses all coins that have been created or mined, including those in circulating supply, those held in reserve by the project team, locked tokens awaiting release, and tokens held by the foundation or for specific purposes. However, total supply excludes tokens that have been verifiably burned or destroyed.

The calculation for total supply is straightforward: it equals all tokens ever created minus any tokens that have been permanently removed through burning mechanisms. This makes total supply a dynamic figure that can increase as new tokens are minted and decrease when burning events occur.

The distinction between total supply and circulating supply can be substantial. For instance, a cryptocurrency might have a total supply of 100 million tokens, but only 60 million in circulating supply. The remaining 40 million could be locked in smart contracts for future team allocation, held for ecosystem development, reserved for partnership programs, or scheduled for gradual release over several years.

Total supply matters because it provides context for understanding potential future dilution. When significant portions of the total supply are locked or reserved, investors need to consider what will happen when these tokens eventually enter circulation. Will the increased supply pressure push prices down? How will the project manage token releases to minimize market impact?

Many cryptocurrency projects implement vesting schedules for team and investor tokens, meaning portions of the total supply unlock gradually over time. For example, a project might release 10% of reserved tokens every six months over five years. This gradual release strategy aims to prevent sudden supply shocks that could destabilize token price.

Some cryptocurrencies also have deflationary mechanisms built into their tokenomics. Ethereum, for instance, implemented EIP-1559, which burns a portion of transaction fees. This mechanism can cause the total supply to decrease over time, especially during periods of high network activity. Binance Coin (BNB) conducts quarterly token burns, systematically reducing its total supply toward a target of 100 million tokens.

Maximum Supply

Maximum supply represents the absolute upper limit of tokens that will ever exist for a particular cryptocurrency. This figure is predetermined by the project’s code and cannot be exceeded unless the underlying protocol is modified through a consensus mechanism. Maximum supply provides the theoretical ceiling for how many coins could potentially enter circulation throughout the cryptocurrency’s entire lifespan.

Bitcoin offers the most famous example of maximum supply. Its protocol explicitly limits the maximum supply to 21 million BTC, a figure that will be reached approximately by the year 2140. Once all 21 million bitcoins have been mined, no additional BTC can ever be created, making it a truly scarce digital asset. This scarcity is a fundamental aspect of Bitcoin’s value proposition and a key reason many investors view it as “digital gold.”

Not all cryptocurrencies have a maximum supply. Ethereum, for example, has no fixed cap on the total number of ETH that can exist. While Ethereum has implemented deflationary burning mechanisms that reduce supply, there’s no hardcoded maximum supply limit. This creates a fundamentally different economic model compared to Bitcoin’s fixed scarcity approach.

The presence or absence of a maximum supply significantly impacts a cryptocurrency’s long-term tokenomics. Fixed supply cryptocurrencies become increasingly scarce over time, which can support price appreciation if demand remains constant or increases. However, this scarcity can also lead to high transaction fees and questions about long-term miner incentives once block rewards diminish.

Cryptocurrencies without a maximum supply offer more flexibility but face different challenges. They must balance the need for sufficient tokens to support network operations and incentives against the risk of excessive inflation that could devalue existing holdings. Many such projects implement controlled inflation rates or burning mechanisms to manage supply growth strategically.

Maximum supply also provides a basis for calculating fully diluted valuation (FDV)—a metric that projects what a cryptocurrency’s market cap would be if all possible tokens were in circulation at the current price. This calculation helps investors understand the potential future supply pressure and compare cryptocurrencies on equal footing.

How Market Capitalization Is Calculated

Market capitalization, often shortened to market cap, serves as the primary metric for measuring a cryptocurrency’s overall value and size in the market. The calculation is elegantly simple: market cap equals the current price per token multiplied by the circulating supply. This formula provides a snapshot of the total value of all cryptocurrency tokens currently available for trading.

For example, if a cryptocurrency is trading at $50 per token and has a circulating supply of 10 million tokens, its market cap would be $500 million ($50 × 10,000,000). This figure represents the total amount of money theoretically needed to purchase every circulating token at the current market price.

The reason market cap uses circulating supply rather than total supply or maximum supply is rooted in practical economics. Only tokens that are actually available for trading contribute to current market dynamics and price discovery. Locked, reserved, or not-yet-minted tokens don’t participate in the market and therefore shouldn’t inflate the valuation figure. Using circulating supply provides an apples-to-apples comparison similar to how traditional stock markets use public float rather than total authorized shares.

• Market cap classifications help investors categorize cryptocurrencies by size and relative risk. Large-cap cryptocurrencies typically have market caps exceeding $10 billion and include established projects like Bitcoin and Ethereum. Mid-cap cryptocurrencies range from $1 billion to $10 billion and often represent growing projects with proven use cases. Small-cap cryptocurrencies have market caps below $1 billion and generally carry higher risk but potentially higher reward potential.
• Market cap prevents common investor mistakes. A cryptocurrency trading at $0.01 per token isn’t necessarily “cheap” or a bargain if it has a massive circulating supply resulting in a multi-billion dollar market cap. Conversely, a token trading at $1,000 per unit might be relatively small if its circulating supply is limited and market cap is modest.
• Market cap also provides context for realistic growth expectations. A cryptocurrency with a $1 million market cap could potentially 100x to reach $100 million with sufficient adoption and demand. However, expecting Bitcoin, with its $1 trillion+ market cap, to 100x would require a $100 trillion valuation—larger than many global financial markets combined and far less realistic in the near term.

The Relationship Between Supply and Market Cap

The intricate relationship between supply metrics and market cap forms the foundation of cryptocurrency valuation dynamics. This connection determines not only a token’s current price but also its potential for future growth, vulnerability to dilution, and overall investment profile. Understanding how different supply types influence market cap is essential for evaluating any cryptocurrency investment opportunity.

Circulating supply has the most direct impact on market cap since it’s the multiplier in the standard calculation formula. When circulating supply increases—whether through mining, staking rewards, or unlocking of vested tokens—the market cap must increase proportionally to maintain the same token price. If demand doesn’t rise to match the new supply, token price will decline to reestablish equilibrium.

Consider a practical scenario: a cryptocurrency has a market cap of $100 million with a circulating supply of 50 million tokens, resulting in a $2 price per token. If circulating supply increases to 60 million tokens without any change in market cap, the price must adjust to approximately $1.67 per token ($100 million ÷ 60 million tokens). This dilutive effect explains why sudden supply increases often correlate with price drops.

The gap between circulating supply and total supply reveals potential future dilution risk. A large gap indicates that significant tokens remain locked or unvested, which could enter circulation later. Experienced investors analyze vesting schedules, unlock dates, and distribution plans to anticipate how future supply releases might impact token price and market cap dynamics.

Maximum supply, when it exists, provides a ceiling for total possible dilution. Cryptocurrencies approaching their maximum supply face decreasing inflationary pressure over time. Bitcoin, now over 93% mined toward its 21 million maximum supply, experiences progressively slower supply growth as mining rewards halve approximately every four years. This predictable scarcity contributes to Bitcoin’s store-of-value narrative.

The supply-to-market cap relationship also influences liquidity and price stability. Higher circulating supply typically provides better liquidity, making it easier to buy or sell significant amounts without dramatically affecting price. However, extremely high supply numbers can create psychological barriers if individual token prices become very small, even if the market cap is substantial.

Token burning mechanisms create an inverse relationship where supply decreases while market cap can remain stable or increase, resulting in higher individual token prices. Projects implementing strategic burns aim to create deflationary pressure that rewards long-term holders by making their tokens proportionally more valuable as total supply shrinks.

Why Circulating Supply Matters More for Investors

When evaluating cryptocurrency investments, circulating supply emerges as the most critical supply metric for practical decision-making and accurate valuation assessment. While total supply and maximum supply provide important context, circulating supply directly determines current market dynamics, price discovery, and realistic investment opportunities.

• Circulating supply matters most because it represents the actual tokens competing in the market right now. Every token in circulating supply can potentially be bought or sold, contributing to trading volume, liquidity, and price formation. These are the tokens that respond to market demand, react to news events, and participate in the day-to-day ecosystem of cryptocurrency trading.
• Market cap calculations, using circulating supply provides the most accurate reflection of a cryptocurrency’s current value. This approach mirrors traditional finance practices where stock market capitalization uses shares available for public trading (float) rather than total authorized shares. A company might have approval to issue billions of shares, but only the shares actually trading influence current market valuation.
• Circulating supply helps investors avoid misleading comparisons between cryptocurrencies. Two tokens might trade at similar prices—say $10 each—but have vastly different investment profiles based on their circulating supply. Token A with 10 million coins in circulating supply has a $100 million market cap, while Token B with 1 billion coins has a $10 billion market cap. Despite identical prices, Token B is 100 times larger and likely has very different growth potential and risk characteristics.

The transparency of circulating supply makes it verifiable and reliable. Blockchain technology allows anyone to audit which tokens are actually accessible and tradable versus locked in contracts or not yet created. This verification capability provides confidence in market cap calculations and helps prevent manipulation through inflated or misleading supply claims.

Circulating supply changes also signal important project developments. Increasing circulating supply might indicate new mining rewards, staking distributions, or vesting unlocks—all of which carry implications for price pressure. Decreasing circulating supply through buybacks or burns suggests deflationary tokenomics that could support price appreciation.

Investors analyzing circulating supply can better assess liquidity risk. Lower circulating supply might mean less liquidity and higher price volatility, as fewer tokens are available to absorb buying or selling pressure. Higher circulating supply typically provides better liquidity but may face challenges achieving substantial percentage price increases due to the larger base.

Understanding circulating supply enables more realistic price predictions. An investor can calculate how much additional capital would need to flow into a cryptocurrency to achieve specific price targets by multiplying the desired price increase by the circulating supply. This mathematical reality check prevents unrealistic expectations about tokens with massive supply reaching Bitcoin-level prices.

Dilution Risk: What Investors Need to Know

• Dilution risk represents one of the most significant yet frequently overlooked threats to cryptocurrency investment returns. This risk materializes when the circulating supply increases faster than demand, causing individual token values to decrease even if the project’s overall market cap remains stable or grows. Understanding and evaluating dilution risk is essential for protecting your investment from unexpected value erosion.
• Dilution occurs through several mechanisms in cryptocurrency ecosystems. The most common source is scheduled token releases from locked or vested allocations. Many projects reserve substantial portions of their total supply for team members, early investors, advisors, and development funds. As these tokens unlock according to predetermined schedules, they enter circulating supply and create selling pressure as recipients liquidate holdings.

Mining and staking rewards also contribute to ongoing dilution. Proof-of-work cryptocurrencies continuously mint new tokens as block rewards for miners, gradually increasing circulating supply. Proof-of-stake networks similarly create new tokens as staking rewards. While these mechanisms are designed to secure the network and incentivize participation, they inherently dilute existing holders unless token price appreciates proportionally.

The severity of dilution risk can be assessed by examining the ratio between circulating supply and total supply. Projects where less than 50% of tokens are currently circulating face higher dilution risk than those with 80% or 90% already in circulation. A low circulation percentage indicates substantial future supply increases that could pressure prices downward.

Token vesting schedules provide crucial insights into dilution timing and magnitude. Responsible projects implement gradual vesting over several years, releasing tokens in small increments to minimize market impact. Problematic projects might have “cliff vesting” where large portions unlock all at once, creating significant sell pressure that can crash token prices.

Real-world examples illustrate dilution’s impact. Some highly anticipated cryptocurrency projects have experienced 50-70% price declines when major token unlocks occurred, even when project fundamentals remained strong. The influx of new supply overwhelmed demand, demonstrating that dilution can devastate returns regardless of project quality.

Investors can protect against dilution risk through several strategies. First, prioritize cryptocurrencies where Circulating Supply vs Total Supply represents a high percentage of total supply or maximum supply, indicating limited future dilution potential. Second, thoroughly research vesting schedules and unlock dates, avoiding investments immediately before major supply releases. Third, favor projects with deflationary mechanisms like token burns that offset inflationary pressures.

Fully diluted valuation (FDV) serves as a key tool for assessing dilution risk. FDV calculates what market cap would be if all tokens from total supply or maximum supply were circulating at the current price. Comparing FDV to current market cap reveals the potential magnitude of dilution. If FDV is 10 times higher than current market cap, token price would need to 10x just to maintain value as remaining supply enters circulation—a challenging proposition.

Comparing Bitcoin and Ethereum Supply Models

Bitcoin and Ethereum represent contrasting approaches to cryptocurrency supply management, offering valuable case studies for understanding how different tokenomics models affect market cap, token price, and long-term value propositions. Examining these two leading cryptocurrencies illuminates the practical implications of fixed versus flexible supply models.

Bitcoin’s supply model embodies absolute scarcity. Its protocol hardcodes a maximum supply of 21 million BTC that can never be exceeded. As of 2025, approximately 19.6 million BTC are in circulating supply, representing over 93% of the total that will ever exist. New bitcoins enter circulation through mining rewards that decrease by half approximately every four years—an event called “halving.” This predictable, diminishing issuance creates programmatic scarcity that intensifies over time.

Bitcoin’s approach to circulating supply growth is mathematically predetermined. The current block reward is 3.125 BTC per block, but this will halve to 1.5625 BTC around 2028. Eventually, around 2140, the final satoshi will be mined, and no more bitcoins can be created. This finite supply is central to Bitcoin’s value proposition as “digital gold” and a hedge against inflationary fiat currencies.

Ethereum’s supply model operates differently, without a fixed maximum supply cap. When Ethereum launched, it had no hardcoded supply limit, allowing continuous token issuance to reward network validators. This flexibility supports Ethereum’s evolution as a smart contract platform where network operations and security incentives take precedence over artificial scarcity.

However, Ethereum has implemented significant supply management mechanisms since its inception. The transition from proof-of-work to proof-of-stake in 2022 dramatically reduced new ETH issuance, cutting the inflation rate by approximately 90%. More significantly, the EIP-1559 upgrade introduced a fee-burning mechanism where a portion of every transaction fee is permanently destroyed, removing ETH from total supply.

This burning mechanism has made Ethereum periodically deflationary. During periods of high network activity, more ETH is burned through transaction fees than created through staking rewards, causing total supply to decrease. This dynamic creates a variable supply model that responds to network usage—higher adoption means more burning and greater scarcity.

The market cap implications of these different models are profound. Bitcoin’s fixed maximum supply provides certainty about long-term scarcity, appealing to investors seeking predictability and protection against monetary inflation. The decreasing rate of new supply entering circulating supply creates a supply shock dynamic that many believe supports price appreciation.

Ethereum’s flexible model prioritizes network sustainability and utility over absolute scarcity. The potential for deflationary periods during high usage creates interesting economic dynamics where increased adoption directly reduces supply. This ties tokenomics to platform success in a way Bitcoin’s static model doesn’t.

From an investment perspective, Bitcoin’s approach minimizes dilution risk for current holders. With over 93% of maximum supply already in circulating supply, future dilution is limited and predictable. Ethereum holders face more uncertainty about long-term supply dynamics, though the deflationary potential offsets some of this concern.

How to Evaluate a Cryptocurrency’s True Value

Evaluating a cryptocurrency’s true value requires looking beyond superficial token price to analyze the interplay between supply metrics, market cap, project fundamentals, and market positioning. This comprehensive assessment process helps investors distinguish between genuinely valuable projects and overvalued or high-risk investments disguised by misleading metrics.

Start by examining the circulating supply relative to total supply and maximum supply. Calculate what percentage of tokens are currently circulating. Projects with 70% or more in circulation present lower dilution risk than those with only 20-30% circulating. Research when and how remaining tokens will enter circulation—gradual vesting over several years is preferable to sudden large unlocks.

Calculate and compare market cap using circulating supply to understand the cryptocurrency’s current size and value. Don’t be fooled by low per-token prices; a $0.01 token with 500 billion in circulating supply has a $5 billion market cap and is actually a large-cap cryptocurrency, not a “penny stock” bargain. Compare market cap to similar projects in the same sector to identify overvalued or undervalued opportunities.

Determine the fully diluted valuation (FDV) by multiplying current price by maximum supply (or total supply if no maximum exists). Compare FDV to current market cap to quantify dilution potential. A massive gap—say FDV 10 times higher than market cap—indicates substantial future supply pressure. Smaller gaps suggest limited dilution risk and potentially more stable price dynamics.

Analyze the tokenomics model holistically. Does the project have deflationary mechanisms like burning that offset new issuance? Are inflation rates declining over time like Bitcoin’s halving schedule? Or does unlimited supply growth threaten long-term value? Strong tokenomics align incentives, reward long-term holders, and create supply dynamics that support price appreciation.

Examine supply distribution across holders. Highly concentrated supply where a few wallets control large percentages creates manipulation risk and potential selling pressure. More distributed supply typically indicates healthier, more resilient token economics. Many blockchain explorers provide this data publicly.

Consider the liquidity implied by Circulating Supply vs Total Supply. Sufficient tokens should be circulating to enable reasonable trading volumes without extreme price slippage. Too little supply can mean difficulty buying or selling meaningful positions. Too much supply might indicate oversaturation or poor demand.

Evaluate the use case and utility driving demand. The best supply management means nothing if no one wants the tokens. Projects solving real problems, with growing adoption, active communities, and clear value propositions are more likely to generate demand that supports or increases market cap despite supply growth.

Research the team’s track record with supply management. Have they consistently followed stated vesting schedules? Do they conduct burns as promised? Have they demonstrated discipline in token releases? Past behavior often predicts future actions regarding supply and tokenomics.

Common Mistakes When Analyzing Market Cap

Many cryptocurrency investors, especially newcomers, make critical errors when analyzing market cap and supply metrics. These mistakes can lead to poor investment decisions, unrealistic expectations, and significant losses. Recognizing and avoiding these common pitfalls improves your ability to evaluate cryptocurrencies accurately and make informed investment choices.

The most prevalent mistake is ignoring market cap entirely and focusing solely on token price. Investors see a cryptocurrency trading at $0.001 and assume it’s “cheap” with massive upside potential, without considering its circulating supply might be trillions of tokens. Meanwhile, they dismiss a $500 token as “expensive” without recognizing its limited supply might make it legitimately undervalued. Token price alone conveys almost no meaningful information about value or opportunity.

Another critical error is using total supply or maximum supply instead of Circulating Supply vs Total Supply for market cap calculations. This inflates the apparent size and value of a cryptocurrency, creating misleading comparisons. A project might boast about a multi-billion dollar market cap based on total supply, but if only 10% is circulating, the real market cap is a fraction of the claimed figure.

Investors frequently overlook dilution risk by failing to investigate vesting schedules and unlock dates. They buy a token without realizing 80% of supply is locked and scheduled for release over the next year. When those tokens unlock and enter circulating supply, price often plummets as existing holders face unexpected dilution and selling pressure from newly liquid participants.

Many investors don’t compare fully diluted valuation (FDV) to current market cap. They might invest in a project with a $100 million market cap that seems attractively valued, missing that FDV is $5 billion—meaning the current valuation assumes only 2% of eventual supply is accounted for. This massive gap signals extreme future dilution that would require extraordinary demand growth to overcome.

Unrealistic expectations about price potential stem from poor market cap analysis. Investors expect a cryptocurrency with a $50 billion market cap to 100x, which would require a $5 trillion valuation—larger than most companies or even some countries’ entire economies. Understanding market cap constraints helps set realistic profit targets based on achievable growth.

Some investors fail to consider supply growth rates. They see strong price performance but don’t realize high inflation rates from staking rewards or mining are continuously increasing Circulating Supply vs Total Supply. The price might be rising, but their percentage ownership is being diluted unless price appreciation outpaces supply growth.

Not verifying circulating supply claims represents another pitfall. Some projects exaggerate what percentage is truly circulating or classify locked tokens as accessible. Cross-referencing multiple sources and checking blockchain data directly helps verify accuracy rather than trusting project-reported figures.

Ignoring burn mechanisms and deflationary tokenomics causes investors to undervalue projects systematically reducing supply. Regular burns decrease Circulating Supply vs Total Supply, which—if market cap remains constant—mathematically requires token price to increase. Missing this dynamic means underestimating projects with strong deflationary pressure.

Also Read: Market Cap Categories Explained Large Cap vs Small Cap Cryptocurrencies

Conclusion

The nuanced relationship between Circulating Supply vs Total Supply and their collective impact on market capitalization forms the bedrock of informed cryptocurrency investing. While superficial token price often captures headlines and attention, sophisticated investors recognize that true value assessment requires comprehensive analysis of supply metrics, dilution risk, tokenomics, and realistic growth potential within the context of market cap constraints.

The distinction between actively traded circulating supply and locked or future total supply isn’t merely academic—it directly determines whether your investment appreciates or suffers unexpected dilution. Projects with transparent supply management, reasonable circulation percentages, strategic deflationary mechanisms, and sustainable issuance schedules offer more predictable investment profiles than those with opaque tokenomics or massive future unlocks.

By mastering these fundamental concepts, comparing fully diluted valuation to current market cap, researching vesting schedules, understanding the difference between Bitcoin’s fixed scarcity and Ethereum’s flexible model, and avoiding common analysis pitfalls, you position yourself to identify genuinely undervalued opportunities while steering clear of overpriced projects with unfavorable supply dynamics. Remember that market cap provides the most meaningful measure of cryptocurrency size and value, Circulating Supply vs Total Supply determines current market reality, and the gap between circulating and total supply reveals future risks or opportunities that separate winning investments from disappointing ones in the volatile world of digital assets.