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 36,951,504,538 ADA in circulation at $0.1972 each, which is $7.29B. Holding that supply still and putting Bittensor's $2.89B in its place gives $0.07823881 per ADA.
Cardano is already worth more than Bittensor. Moving to the smaller cap would take ADA down to $0.07823881, which is 0.397x 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 ADA at that level, which is the part that actually decides a price.
$0.07823881 per ADA. That is Bittensor's current market capitalisation of $2.89B divided across the 36,951,504,538 ADA in circulation.
0.397x. Cardano trades at $0.1972 today and Bittensor's market cap is $2.89B against Cardano's $7.29B.
No. It is one division: Bittensor'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 $2.89B of market cap spread over more coins gives a lower price per coin. This uses the 36,951,504,538 ADA in circulation now.