<p>As <a href="https://bitcoin.stackexchange.com/questions/50721/how-can-a-x-coin-market-cap-go-down-while-its-value-goes-up/50723#comment58828_50721">Nate Eldredge pointed out</a>, the chart you're looking at is denominated in <code>BTC</code>, while the market cap is denominated in <code>USD</code>. </p>

<p>If you look at the chart below, you'll see that the price in <code>USD</code> (green) behaves exactly as you describe in your question. </p>

<p>On the other hand, the price in <code>BTC</code> (orange) does not behave like you expected, because it combines the price movement of Bitcoin with the price movement Zcash respective to the Market Cap denominated in <code>USD</code> (blue).</p>

<p><a href="https://i.sstatic.net/onRCy.png" rel="nofollow noreferrer"><img src="https://i.sstatic.net/onRCy.png" alt="Zcash chart"></a></p>

CC BY-SA 3.0
2017-01-11T22:05:50.697Z
It was so obvious.. Thanks for saving both the website and elementary maths!
PPC
CC BY-SA 3.0
2017-01-11T13:58:09.660Z
2017-01-12T00:43:04.180Z
2017-04-13T12:47:36.647Z
Murch
<p>Quoting Wikipedia, Market cap is given by the formula </p>

<pre><code>MC = N × P   
where N is the number of shares outstanding, and P is the closing price per share.
</code></pre>

<p>In the specific case of a crypto currency, one could assume that <code>N</code> is the amount of coins in circulation and <code>P</code> its current value. </p>

<p>How can the image below happen, given that Zcash, being a fork of Bitcoin, cannot (unless I missed something very important) be destroyed, thus <code>N</code> can only grow.</p>

<p><a href="https://i.sstatic.net/jn7u2.png" rel="nofollow noreferrer"><img src="https://i.sstatic.net/jn7u2.png" alt="enter image description here"></a>
Source: coinmarketcap.com, a few minutes before this post</p>

CC BY-SA 3.0
2017-01-11T15:09:31.790Z
Did you notice in the graph that price is measured in BTC, while market cap is measured in dollars?  Your units are inconsistent.  Everything in the picture would be completely consistent if the price of BTC (in dollars) fell during the relevant time span.
Nate Eldredge
CC BY-SA 3.0
2017-01-11T16:05:18.973Z
@NateEldredge: Thanks, I had missed that. I've updated my answer.
Murch
<exchange-rate><money-supply><market><zcash>
How can a X-coin market cap go down while its value goes up?
PPC
# How can a X-coin market cap go down while its value goes up?

(Asked by: username_0 on 2017-01-11)

Quoting Wikipedia, Market cap is given by the formula 
MC = N × P   
where N is the number of shares outstanding, and P is the closing price per share.

In the specific case of a crypto currency, one could assume that N is the amount of coins in circulation and P its current value. 
How can the image below happen, given that Zcash, being a fork of Bitcoin, cannot (unless I missed something very important) be destroyed, thus N can only grow.

Source: coinmarketcap.com, a few minutes before this post

**Tags:** exchange-rate, money-supply, market, zcash

> **Comments:**
> **username_1**: Did you notice in the graph that price is measured in BTC, while market cap is measured in dollars?  Your units are inconsistent.  Everything in the picture would be completely consistent if the price of BTC (in dollars) fell during the relevant time span.  
> **username_2**: @NateEldredge: Thanks, I had missed that. I've updated my answer.  

---

## 1 answers

### Answer by username_2 on 2017-01-11. Score: 3 | Accepted answer

As [username_1 pointed out](https://bitcoin.stackexchange.com/questions/50721/how-can-a-x-coin-market-cap-go-down-while-its-value-goes-up/50723#comment58828_50721), the chart you're looking at is denominated in `BTC`, while the market cap is denominated in `USD`.

If you look at the chart below, you'll see that the price in `USD` (green) behaves exactly as you describe in your question.

On the other hand, the price in `BTC` (orange) does not behave like you expected, because it combines the price movement of Bitcoin with the price movement Zcash respective to the Market Cap denominated in `USD` (blue).

[![Zcash chart](https://i.sstatic.net/onRCy.png)](https://i.sstatic.net/onRCy.png)

> **Comments:**
> **username_0**: It was so obvious.. Thanks for saving both the website and elementary maths!  

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