Arithmetic on today's supply, not a forecast. It assumes nothing about whether Zcash could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Zcash has 16,991,492 ZEC in circulation at $1,238.60 each, which is $21.05B. Holding that supply still and putting Ondo's $1.98B in its place gives $116.3337 per ZEC.
Zcash is already worth more than Ondo. Moving to the smaller cap would take ZEC down to $116.3337, which is 0.094x 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 ZEC at that level, which is the part that actually decides a price.
$116.3337 per ZEC. That is Ondo's current market capitalisation of $1.98B divided across the 16,991,492 ZEC in circulation.
0.094x. Zcash trades at $1,238.60 today and Ondo's market cap is $1.98B against Zcash's $21.05B.
No. It is one division: Ondo's market capitalisation spread over the supply of ZEC that exists today. It assumes nothing about whether Zcash 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 $1.98B of market cap spread over more coins gives a lower price per coin. This uses the 16,991,492 ZEC in circulation now.