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 2,874,240,243 BTW in circulation at $1.7787 each, which is $5.11B. Holding that supply still and putting Ondo's $1.98B in its place gives $0.6877234 per BTW.
Bitway is already worth more than Ondo. Moving to the smaller cap would take BTW down to $0.6877234, which is 0.387x 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.
$0.6877234 per BTW. That is Ondo's current market capitalisation of $1.98B divided across the 2,874,240,243 BTW in circulation.
0.387x. Bitway trades at $1.7787 today and Ondo's market cap is $1.98B against Bitway's $5.11B.
No. It is one division: Ondo'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 $1.98B of market cap spread over more coins gives a lower price per coin. This uses the 2,874,240,243 BTW in circulation now.