Just-In: Bitcoin Slips Out of World’s Top 10 Largest Assets Amid Market Selloff

Bitcoin (BTC) has slipped out of the world’s top 10 biggest assets by market capitalization after a sell off on the crypto market. Following the price drop, BTC has dropped down to 13th place in the world.

Bitcoin Not In Top 10 Largest Assets Anymore

The BTC market cap stands around $1.459 trillion, per data from crypto tools tracking market movements. Bitcoin is now behind a number of the world’s biggest tech companies and traditional assets. This change comes as BTC price continues to drop, barely holding above $73,000.

According to data from CompaniesMarketCap, global ranking shows that gold was still the largest asset in the world in terms of market capitalization. Gold holds a market valuation of around $31 trillion. It is followed by Nvidia at $5.18 trillion.

Moreover, Alphabet and Apple came in next at valuations of more than $4.5 trillion each. Silver also outranked Bitcoin in terms of the market capitalization, which is currently around $4.15 trillion.

Bitcoin was also outpaced by Microsoft, Amazon, TSMC, Broadcom, Saudi Aramco, Tesla, and Meta Platforms. For context, Meta Platforms market cap was close to $1.60 trillion, while Tesla’s valuation stood at $1.64 trillion. Both of these companies exceeded the valuation of $1.459 trillion of BTC.

During the recent market volatility, cryptocurrencies lagged behind other sectors while semiconductor stocks and those focused on AI gained ground. Still, Samsung Electronics and SK Hynix trailed behind Bitcoin in the rankings.

A Look At The Crypto Market Conditions

The drop in Bitcoin’s rank was part of another significant liquidation that occurred in the crypto sector. The Coinglass data revealed that during 24 hours, more than $1 billion in crypto positions were flushed across the top altcoins and Bitcoin. During the downturn, more than 165,000 traders were liquidated.

The BTC price fell to its lowest level of the day at $72,745, causing nearly $365 million worth of liquidations. Bitcoin long traders saw the biggest losses, losing nearly $340 million worth of holdings.

In the entire market, the amount of crypto liquidations hit $930 million of long positions and $69 million of short positions on Thursday. In addition to the data, Coinglass revealed a nearly $345 million total in liquidations took place over just one hour as geopolitical tensions flare in the Middle East.

The volatility for Bitcoin and crypto market took a further turn for the worse following the retaliation by Iran against US strikes on Iranian missile launch facilities. The United States also reportedly continued its strikes following reports that Iran had fired off drones at ships in the Strait of Hormuz. This escalation followed reports that U.S. President Donald Trump has rejected Iran’s proposed peace accord.

In the meantime, fresh US inflation data weighed on risk assets like BTC. April PCE inflation increased 0.4% month-on-month, which was slightly below the 0.5% forecast. On the year-over-year basis, the U.S. PCE inflation increased 3.8% on the year, the highest since August 2023.

Amid this backdrop, CME FedWatch data now shows that expectations have increased for a more extended period of higher rates. Traders are now indicating a 100 basis points rate hikes by 2027.