Arithmetic on today's supply, not a forecast. It assumes nothing about whether Chainlink could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Chainlink has 745,131,092 LINK in circulation at $11.5390 each, which is $8.6B. Holding that supply still and putting Avalanche's $3.28B in its place gives $4.3958 per LINK.
Chainlink is already worth more than Avalanche. Moving to the smaller cap would take LINK down to $4.3958, which is 0.381x 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 LINK at that level, which is the part that actually decides a price.
$4.3958 per LINK. That is Avalanche's current market capitalisation of $3.28B divided across the 745,131,092 LINK in circulation.
0.381x. Chainlink trades at $11.5390 today and Avalanche's market cap is $3.28B against Chainlink's $8.6B.
No. It is one division: Avalanche's market capitalisation spread over the supply of LINK that exists today. It assumes nothing about whether Chainlink 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 $3.28B of market cap spread over more coins gives a lower price per coin. This uses the 745,131,092 LINK in circulation now.