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 751,275,950 LINK in circulation at $11.3520 each, which is $8.53B. Holding that supply still and putting Bittensor's $2.89B in its place gives $3.8482 per LINK.
Chainlink is already worth more than Bittensor. Moving to the smaller cap would take LINK down to $3.8482, which is 0.339x 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.
$3.8482 per LINK. That is Bittensor's current market capitalisation of $2.89B divided across the 751,275,950 LINK in circulation.
0.339x. Chainlink trades at $11.3520 today and Bittensor's market cap is $2.89B against Chainlink's $8.53B.
No. It is one division: Bittensor'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 $2.89B of market cap spread over more coins gives a lower price per coin. This uses the 751,275,950 LINK in circulation now.