Arithmetic on today's supply, not a forecast. It assumes nothing about whether PAX Gold could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. PAX Gold has 432,855 PAXG in circulation at $4,356.90 each, which is $1.89B. Holding that supply still and putting Aster's $1.88B in its place gives $4,339.10 per PAXG.
PAX Gold is already worth more than Aster. Moving to the smaller cap would take PAXG down to $4,339.10, which is 0.996x of what it trades at now.
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 PAXG at that level, which is the part that actually decides a price.
$4,339.10 per PAXG. That is Aster's current market capitalisation of $1.88B divided across the 432,855 PAXG in circulation.
0.996x. PAX Gold trades at $4,356.90 today and Aster's market cap is $1.88B against PAX Gold's $1.89B.
No. It is one division: Aster's market capitalisation spread over the supply of PAXG that exists today. It assumes nothing about whether PAX Gold 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 $1.88B of market cap spread over more coins gives a lower price per coin. This uses the 432,855 PAXG in circulation now.