Bitcoin has been removed from the list of the world’s top 10 assets

Bitcoin has been removed from the world’s top 10 assets based on market capitalization as selling pressure increases, and the cryptocurrency market fluctuates sharply.

According to an update from Companies Market Cap on June 18, with a market capitalization of $389.31 billion, Bitcoin is currently ranked 17th in the world’s most valuable assets, losing its previous high position to well-known traditional financial products. Over the past year, Bitcoin has maintained its position in the top 10 asset classes, strengthening its position as one of the best-performing assets of the decade.

BTC’s Gold Substitution Potential

Gold remains the world’s most valuable asset, with a market capitalization of more than $11,000 billion. One interesting thing is that Bitcoin was once compared to gold when proponents noted that the currency is likely to take over gold as a repository of hypothetical value. However, given Bitcoin’s continued volatility today, the potential to replace gold is probably far from adequate. Remarkably, gold and Bitcoin are active in high inflation markets, but gold still maintains an upper hand.

Saudi Aramco is ranked second in the world’s top 10 most valuable assets, with a market capitalization of $2,257 billion. Apple is in third place with $2,129 billion, and Microsoft ranks fourth with $1,852 billion. Alphabet ranks fifth with a market capitalization of $1,416 billion.

BTC Most Affected

While both the cryptocurrency market and the stock market are experiencing significant sell-offs, BTC is the most affected asset class, especially amid rising inflation and concerns about rising interest rates. Recently, Bitcoin has been closely correlated with stock indices, particularly Nasdaq.

Bitcoin is trading for $19.500, according to CoinMarketCap. The weekly chart shows that the world’s leading cryptocurrency has fallen 30%. The correlation between equity markets and cryptocurrencies is growing steadily, although the two assets fall into two different categories.

Traditional financial markets were also affected after the Fed raised interest rates by 0.75 percentage points. There are many predictions that losses could accelerate as Bitcoin looks set to the bottom before rebounds.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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