Basics

Max supply / total supply

Also called: total supply · maximum supply · supply cap

In shortMax supply is the most coins that can ever exist; total supply is how many exist today, including locked ones.

Bitcoin's max supply is 21 million. Some coins have no maximum at all (Ether, Dogecoin) and rely on fees being burned or on a fixed yearly issuance instead.

Total supply counts all created coins, even those not yet circulating. FDV uses the max (or total) supply to show what the project would be worth if every coin were already on the market.