Arithmetic on today's supply, not a forecast. It assumes nothing about whether Bitway could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Bitway has 2,798,917,857 BTW in circulation at $0.5503 each, which is $1.54B. Holding that supply still and putting Internet Computer's $1.5B in its place gives $0.53698165 per BTW.
Bitway is already worth more than Internet Computer. Moving to the smaller cap would take BTW down to $0.53698165, which is 0.976x 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 BTW at that level, which is the part that actually decides a price.
$0.53698165 per BTW. That is Internet Computer's current market capitalisation of $1.5B divided across the 2,798,917,857 BTW in circulation.
0.976x. Bitway trades at $0.5503 today and Internet Computer's market cap is $1.5B against Bitway's $1.54B.
No. It is one division: Internet Computer's market capitalisation spread over the supply of BTW that exists today. It assumes nothing about whether Bitway 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 $1.5B of market cap spread over more coins gives a lower price per coin. This uses the 2,798,917,857 BTW in circulation now.