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Over the past year, Bitcoin’s market cap plummeted from the world’s 8th most valuable asset to 26th position – Markets and Prices Bitcoin News
In November 2021, bitcoin’s market capitalization managed to enter the top ten list of assets ranked by market capitalization, as it was the eighth largest market capitalization last year on November 9. Since then, bitcoin is 75% lower in value against the US dollar and the leading crypto-asset’s market cap has dropped to the 26th largest position among the most valuable assets and companies worldwide.
Bitcoin’s market cap is just below Chevron’s and just above Home Depot’s market cap
Just over a year ago in November 2021, bitcoin’s (BTC) market capitalization was the eighth largest of a myriad of companies and assets traded globally. At that time, on November 9, 2021, an archive.org snapshot compiled from companiesmarketcap.com showed that BTC’s market cap was $1.289 trillion as each unit exchanged for just over $68K.
On that day, BTC’s market cap was below the precious metal silver’s combined value, which was $1.380 trillion on November 9, 2021. The leading crypto asset was just above Tesla’s $1.167 trillion market cap recorded 395 days ago. In addition, ethereum (ETH) was placed in the top 20 positions for assets ranked by market capitalization, as ETH had the 15th largest market capitalization on November 9, 2021.
At the time, ETH’s market cap was around $570.45 billion when ether traded at $4,839 per unit. Ethereum’s market capitalization was below the company Tencent which had a market capitalization of around $588.07 billion. The market cap of the second leading crypto asset was above JPMorgan Chase’s valuation which was $499.61 billion 395 days ago.
Today, December 9, 2022, the top two leading cryptoassets BTC and ETH have much lower valuations than a year ago. Bitcoin is not represented in the top ten rankings of assets ranked by market capitalization, as it is now in the top 30 positions and ranked 26. BTC’s market cap of $331.76 billion today is just below Chevron’s market cap of around 335.56 billion dollars.
Furthermore, bitcoin’s market cap is just above the total market cap of Home Depot, which is valued at $330.30 billion as of December 9. Ethereum has slipped a lot from the 15th largest position as it now ranks 72nd with a market cap of around $155.25 billion. Ether’s market cap is below United Parcel Service (UPS) which is $155.36 billion, and it is just above the valuation of Adobe ($154.61 billion).
Ethereum’s current market price is approximately 73.7% lower than it was 395 days ago on November 9, 2021. While BTC and ETH have seen their market caps drop lower over the past year, the same can be said for a large number of different assets and companies. Conversely, some assets, such as gold’s overall market value, recorded gains over the past 12 months. Gold’s cap in November 2021 was around $11.605 trillion and today it is worth $11.910 trillion.
Microsoft was the second largest asset a year ago, but it is now in third place as Microsoft’s valuation fell from $2.53 trillion to today’s $1.844 trillion. Google or Alphabet’s market capitalization was about $1.98 trillion and in fifth place for 395 days since November 9, 2021 and December 9, 2022, it is down to $1213 trillion. Silver’s position on the top ten list moved up from seventh to fifth, but the precious metal’s market value still fell from $1.38 trillion to today’s $1.316 trillion.
What do you think about bitcoin’s fall from the top ten most valuable assets and companies worldwide down to 26th place? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, editorial image credit: companiesmarketcap.com
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