As Bitcoin continues to be pushed about in a highly volatile market, it has lost its position in the top 10 assets globally based on the market cap. BTC now ranks in the 16th spot. The popular cryptocurrency lost its position to high-profile traditional products. The assets and companies in the top 5 are as follows:
2. Saudi Aramco (oil company)
3. Apple (iPhone maker)
5. Alphabet (Google)
Bitcoin, over the past year, had maintained its status in the top 10 group, sealing its position as one of the best-performing assets in the last decade. However, Gold remains the most valuable asset with a market cap of $11 trillion. Over the years, Bitcoin has been compared to Gold and regarded as a hedge as well. BTC enthusiasts had been touting the crypto asset to take over the precious metal as the presumptive store of value.
Despite a huge price drop and market uncertainty, Bitcoin still ranks top of common assets like chipmaker Nvidia, JP Morgan, and Mastercard. The world’s most popular cryptocurrency is the most hit of the two asset classes. It has been worsened by rising inflation and fears of interest rate hikes. The crypto market is in turbulence.
Meanwhile, Bitcoin is trying to sustain gains at the crucial $20,000 support level. In the last 24 hours, it gained 0.11% and is trading at $20,449. However, BTC lost 30% of its value in the past week. Ethereum is struggling to hold onto the crucial $1,000 level. Currently, Ether is trading at $1,078, gaining 0.26%. In the past week, the second most popular crypto lost 35.54% of its value.
Overall, the bearish momentum has slowed down and a push lower is unlikely. Bitcoin is unlikely to go further on the downside of the $18,000 mark.