Arithmetic on today's supply, not a forecast. It assumes nothing about whether Aster could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Aster has 2,697,539,091 ASTER in circulation at $0.694 each, which is $1.87B. Holding that supply still and putting Polkadot's $1.73B in its place gives $0.64236911 per ASTER.
Aster is already worth more than Polkadot. Moving to the smaller cap would take ASTER down to $0.64236911, which is 0.926x 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 ASTER at that level, which is the part that actually decides a price.
$0.64236911 per ASTER. That is Polkadot's current market capitalisation of $1.73B divided across the 2,697,539,091 ASTER in circulation.
0.926x. Aster trades at $0.694 today and Polkadot's market cap is $1.73B against Aster's $1.87B.
No. It is one division: Polkadot's market capitalisation spread over the supply of ASTER that exists today. It assumes nothing about whether Aster 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 $1.73B of market cap spread over more coins gives a lower price per coin. This uses the 2,697,539,091 ASTER in circulation now.