Yes supply influences how high the price can go, but supply has a slowing effect on price growth. The greater the supply the lower the price, generally.
Comparing Bitcoin and Litecoin is perfect for this talk. Litecoin has 4 times as much supply possibel, 84 millin coins to Bitcoin's 21 million. Therefore, if Litecoin had the same demand as Bitcoin it's price should be 1/4th of Bitcoin's.
The thing that drives price moreso than supply is demand. If there is no demand for a coin it won't have a high price at all. That's why you're seeing higher prices for coins with greater supply than coins wity the lower supply. The coins with lower supply have much lower demand.
Does this answer your question?
Yes that's what I figured out last night by looking at charts on the supply and lower the price as you just said. It feels good to hear this from people with high posts as they got so much information and more exp in the field. I love it when I am right, when thinking about it.
I always say, supply & demand + being on TV news about another "record high" will draw lot of it to sky rocket it up even more, for all the newer investors who want in on it as well. Back in May when I would keep seeing people talk about other coins and on youtube video comments the popular ones that is for them. They did very well today. It's like a search in popularity among those users.
Yeah I did look at Litecoin as well.
Looking at the amount of coins each of those have, I honestly think Dash might take off in a way. For being popular as well.
Coin name, price, coin amount, google search (done off of a Canadian IP address search). Note all searches had the word of the name of the coin + coin "Dash Coin" "Ethereum Coin" But litecoin and bitcoin didn't. Just me being a nerd sorry.
bitcoin 15370 16.7m search on google 296m
Dash 1343 7.7m search on google 22.6m
Ethereum 754 96.5m search on google 7.7m
litecoin 305 54.4m search on google 16.2m
Ripple 1.19 38.7B search on google 10.7m
Verge .21 14.4B search on google 881k
Tron .042 65.7B search on google 1m
Also noticed people who don't have the money for Bitcoin, or the more expensive ones go for the lesser ones they can afford.