Arithmetic on today's supply, not a forecast. It assumes nothing about whether Internet Computer could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Internet Computer has 555,570,347 ICP in circulation at $2.7070 each, which is $1.5B. Holding that supply still and putting Canton's $3.88B in its place gives $6.9760 per ICP.
A 2.58x move is modest, and a coin this far down the table reaching the one above it is the ordinary shape of a cycle, not an outlier.
Supply is held still, and in practice it moves: coins are minted, burned and unlocked, and every one of those changes the price a given market capitalisation implies. The figure also says nothing about whether the money exists to buy ICP at that level, which is the part that actually decides a price.
$6.9760 per ICP. That is Canton's current market capitalisation of $3.88B divided across the 555,570,347 ICP in circulation.
2.58x. Internet Computer trades at $2.7070 today and Canton's market cap is $3.88B against Internet Computer's $1.5B.
No. It is one division: Canton's market capitalisation spread over the supply of ICP that exists today. It assumes nothing about whether Internet Computer could attract that much money, and it holds the supply still when in practice supply changes.
It sets it. Market cap is price times circulating supply, so the same $3.88B of market cap spread over more coins gives a lower price per coin. This uses the 555,570,347 ICP in circulation now.