Bitcoin drops out of the top 10 largest assets by market cap

Bitcoin (BTC) is down nearly 17% year to date, as institutional outflows and geopolitical tensions continue to pressure digital assets.

As a result, ‘digital  gold’ has officially dropped out of the top 10 largest assets by market cap, now occupying spot number 13 with a market value of $1.457 trillion, citing numbers provided by Companies Market Cap.

For comparison, the cryptocurrency is now worth less than Tesla (NASDAQ: TSLA) and Meta (NASDAQ: META), which have a market capitalization of $1.64 trillion and $1.59 trillion, respectively.

At press time, Bitcoin was changing hands at $72,753, with the $72,000–$73,000 area as the next critical support.

To plunge even further, to spot number 14, the digital asset would need to decline just 10% more and lose $147 billion in market cap.

Bitcoin bleeds market cap

Indeed, in contrast to Bitcoin, precious metals and semiconductor stocks have delivered some of the strongest gains this year. Gold, for example, surged to a record $5,600 per ounce in January before pulling back to around $4,451, while silver climbed as high as $120 per ounce and currently trades at around $73.

With Bitcoin dropping, silver is now actually the world’s fifth-largest asset by market capitalization, with a market value of $4.15 trillion. Looking ahead, some analysts project that precious metals are up for another rally, as gold could hit $7,000.

As for semiconductor names, the artificial intelligence (AI) boom has continued to outperform crypto markets by a large margin. Nvidia (NASDAQ: NVDA) is still the second most valuable asset, just below gold, valued at $5.16 trillion. What’s more, CEO Jensen Huang is confident the number is going to rise even more in the next few years.

Spots number three and four are occupied by Alphabet (NASDAQ: GOOGL) at $4.62 trillion and Apple (NASDAQ: AAPL) at $4.56 trillion.

Featured image via Shutterstock