Bitcoin (BTC) and the rest of the crypto market has gone through the cracks in the past few months. This morning, the price of the king of cryptocurrencies even dropped below $20,000. The pain in the market is great and that also means that the market capitalization of bitcoin has largely dried up. Bitcoin has fallen out of the top 10 most valuable assets in the world.
Bitcoin is falling far back
Not long ago, bitcoin’s market cap was over $1 trillion. This made it stand proud among other prestigious assets such as Microsoft and Apple. Bitcoin even overtook the market cap of silver at one point! That is all a thing of the past after an accumulation of crypto crashes. Bitcoin’s market cap is currently just $390 billion. This puts it in 16th place on the list of most valuable assets. This list was prepared by the company Market Cap.
Bitcoin’s Free Fall on the list of Market Cap clearly shows that the crypto market is taking a disproportionately hard blow. The stock market is also not doing well, but bitcoin is losing a lot harder than most other assets.
Gold and silver hold up well. Before the stock market crashes, gold was already the most valuable asset, with a market value of more than $10 trillion, but this is completely unaffected by the economically uncertain period.
Bitcoin the digital gold
When sentiment in the crypto market was still excellent, many investors even assumed that gold’s ultimate lead was within reach. Bitcoin would be the ‘digital gold’ and overthrow the physical precious metal within a few years. In the meantime, we know that this scenario is going to be very difficult.
At the time of writing, bitcoin is trading at a price of only $19,000† That is slightly more than 70% less than a few months ago, when the bitcoin price was still a new one all-time high put down.
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