Over the past month, Bitcoin has lost over 18%; however, that did not stop it from becoming the 10th most valuable asset in the world. This feat was achieved by beating out Meta Platforms (NASDAQ: FB) whose market cap stands at $553.61 billion while Bitcoin’s is at $603.38 billion at the time of writing.
Moreover, the most popular cryptocurrency in the world has had a rough few weeks, dealing with stock market turmoil and disasters surrounding Terra (LUNA) and their stable coin UST, which all contributed to crypto market volatility.
In short, among more than 19,000 various cryptocurrencies, BTC dominance now stands at 44% of the entire $1.36 trillion crypto sector. Yet, this is ‘only’ enough to make Bitcoin the 10th most valuable asset.
Tough competition
Meanwhile, among the 6,265 commodities and companies all worth together a head-spinning $86.51 trillion, gold dominates in the first place, which makes Bitcoins’ competition to reclaim the throne that much more difficult. Currently, BTC’s market cap equates to 5.12% of gold’s total market cap.
Similarly, following gold are Suadi Aramco with a market cap of 2.456 trillion, and Apple (NASDAQ: AAPL) with a $2.416 trillion market cap. Both individually dwarf the market cap of the entire crypto market.
Following them are a who’s who list of names in the world of business and one commodity, namely Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOGL), silver, Amazon (NASDAQ: AMZN), Tesla (NASDAQ: TSLA) and Berkshire Hathaway (NYSE: BRK.A).
On the whole, in the past five days, Bitcoin managed to jump over 10%, thus establishing itself as the 10th most valuable asset in the world, this was not the first time this crypto made the list.
Yet, it is interesting to see it reclaim the top 10 spot after Nasdaq officially entered bear territory and crypto markets experienced fluctuations themselves.
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Source: https://finbold.com/bitcoin-reclaims-the-10th-spot-as-the-worlds-most-valuable-asset/