Hard cap is the limit set on the blockchain’s code on the maximum supply of cryptocurrencies. The maximum amount of funds that is required in exchange can be referred to as a hard cap. Basically, a hard cap during an ICO (Initial Coin Offering) fundraising campaign means the tokens are sold out for the moment.
The goal of the project is achieved and no there are no tokens left for exchange. The hard cap shows the active supply of any particular cryptocurrency is currently tightening. The project is meant to collect adequate funds in exchange for tokens.