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The same method is used to determine market cap of publically traded companies. Whatever the most recent trade price was * total number of shares = what the company is supposedly worth.
Non-rigged markets tend to also require a minimum trade volume, restrict insider trading, and keep a close watch to prevent pump-and-dump and similar scams.
Clean, open markets are regulated. That’s why the scammers to go the crypto markets: they’re opaque, rigged, and free of those inconvenient fraud-prevention rules