Arithmetic on today's supply, not a forecast. It assumes nothing about whether Bittensor could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Bittensor has 11,714,108 TAO in circulation at $246.8000 each, which is $2.89B. Holding that supply still and putting NEAR Protocol's $5.86B in its place gives $499.9429 per TAO.
A 2.03x 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 TAO at that level, which is the part that actually decides a price.
$499.9429 per TAO. That is NEAR Protocol's current market capitalisation of $5.86B divided across the 11,714,108 TAO in circulation.
2.03x. Bittensor trades at $246.8000 today and NEAR Protocol's market cap is $5.86B against Bittensor's $2.89B.
No. It is one division: NEAR Protocol's market capitalisation spread over the supply of TAO that exists today. It assumes nothing about whether Bittensor 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 $5.86B of market cap spread over more coins gives a lower price per coin. This uses the 11,714,108 TAO in circulation now.