Arithmetic on today's supply, not a forecast. It assumes nothing about whether Cardano could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Cardano has 36,696,309,409 ADA in circulation at $0.2074 each, which is $7.61B. Holding that supply still and putting Hyperliquid's $19.85B in its place gives $0.54094291 per ADA.
A 2.61x 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 ADA at that level, which is the part that actually decides a price.
$0.54094291 per ADA. That is Hyperliquid's current market capitalisation of $19.85B divided across the 36,696,309,409 ADA in circulation.
2.61x. Cardano trades at $0.2074 today and Hyperliquid's market cap is $19.85B against Cardano's $7.61B.
No. It is one division: Hyperliquid's market capitalisation spread over the supply of ADA that exists today. It assumes nothing about whether Cardano 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 $19.85B of market cap spread over more coins gives a lower price per coin. This uses the 36,696,309,409 ADA in circulation now.