Bitcoin’s market cap is currently around $1.57 trillion, making it the 13th largest asset by that measure, behind Saudi Aramco and Tesla stock.
The move comes after its price dropped significantly from around $90,000 to $78,500, a drop of more than 11% in the past seven days. The recent price declines come against a backdrop of geopolitical tensions, a collapse in precious metals’ rally, a “hawkish” nomination of the next Federal Reserve chair, and a partial government shutdown.
Bitcoin dropped out of the top ten assets by market capitalization, which is significant because it has remained on the list as prices have remained high in recent years. As recently as October 7, when prices hit an all-time high, it was in seventh place. Earlier last year, it even made it into the top five, surpassing tech giants like Google and Amazon.
By comparison, during October’s record price run, Bitcoin traded above $126,000 and was valued at nearly $2.5 trillion.
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Part of the recent price decline is due to a stronger U.S. dollar.
Trump’s nomination of Warsh, a veteran of the 2008 financial crisis with Wall Street experience and known for his support of raising real interest rates and shrinking the Fed’s balance sheet, led to the dollar’s biggest gain since May.
This not only caused Bitcoin to pull back, but also led to a rebound in precious metals, with gold prices plunging 9% in one session to just under $4,900, while silver fell 26.3% to $85.3.
Despite the recent pullback, gold remains the largest asset by market capitalization, with a market capitalization of $34.1 trillion. Next is silver, with a market capitalization of nearly $4.8 trillion. By this measure, the largest company remains NVIDIA, with a market capitalization of $4.6 trillion, followed by Alphabet, with a market capitalization of $4.08 trillion.
ether The cryptocurrency, which lost 14.5% of its value in a week, also took a hit, falling to 56th place with a current market capitalization of just over $300 billion. It had previously been among the top 50 assets by market capitalization, and before the crash on October 10, it was close to the top 25.
The second-largest cryptocurrency is now worth less than the likes of Caterpillar, Inditex, Coca-Cola and Cisco.
