Bitcoin falls out of the top 10 global assets as selling pressure intensifies
After garnering sufficient capital inflow to rank one of the most valuable investment goods, Bitcoin has fallen out of the top ten assets worldwide based on market capitalization as the leading cryptocurrency remains to navigate a very turbulent market.
Bitcoin maintained its place in the top ten over the last year and solidified its position as one of the best-performing investments of the recent decade.
With a market valuation of $11 trillion, Gold continues to be the most valuable asset. Intriguingly, Bitcoin has been compared to gold, with supporters stating that the cryptocurrency will likely replace gold as the main store of value.
Both assets are functioning in a market with significant inflation, but gold has retained its advantage. Saudi Aramco comes second with a market capitalization of around $2.25 trillion, followed by Apple (NASDAQ: AAPL) at $2.1 trillion and Microsoft (NASDAQ: MSFT) at $1.83 trillion. Alphabet (NASDAQ: GOOGL) ranks sixth with a $1.38 trillion market capitalization.
Despite a declining market capitalization, Bitcoin remains superior to conventional assets such as Nvidia, JP Morgan, and Mastercard (NYSE: MA).
Despite the fact that both crypto and equity markets are suffering substantial sell-offs, Bitcoin is the most impacted of the two asset classes due to rising inflation and interest rate increase worries. In recent months, Bitcoin has shown a strong correlation with the Nasdaq in particular.
In general, the market has been quite choppy as Bitcoin struggles to maintain advances around the critical $20,000 support level.