Is high circulating supply good or bad?

I'm curious to know, when it comes to cryptocurrencies, is a high circulating supply viewed as a positive or negative factor? On one hand, a higher supply could potentially lead to greater liquidity and accessibility for investors, but on the other, it might indicate a less scarce asset and potentially affect the price stability and growth potential. How does the market typically perceive a cryptocurrency's circulating supply, and what factors should investors consider when assessing its impact on the asset's value?