Arithmetic on today's supply, not a forecast. It assumes nothing about whether Ondo could attract that much money.
A coin's market capitalisation is its price multiplied by the number of coins in circulation. Ondo has 4,865,849,502 ONDO in circulation at $0.3474 each, which is $1.69B. Holding that supply still and putting Bitway's $1.54B in its place gives $0.31654175 per ONDO.
Ondo is already worth more than Bitway. Moving to the smaller cap would take ONDO down to $0.31654175, which is 0.911x 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 ONDO at that level, which is the part that actually decides a price.
$0.31654175 per ONDO. That is Bitway's current market capitalisation of $1.54B divided across the 4,865,849,502 ONDO in circulation.
0.911x. Ondo trades at $0.3474 today and Bitway's market cap is $1.54B against Ondo's $1.69B.
No. It is one division: Bitway's market capitalisation spread over the supply of ONDO that exists today. It assumes nothing about whether Ondo 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 $1.54B of market cap spread over more coins gives a lower price per coin. This uses the 4,865,849,502 ONDO in circulation now.