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Bitcoin’s market capitalization has fallen to around $1.57 trillion, pushing the world’s largest cryptocurrency to 13th place among global assets by market value, behind Saudi Aramco and Tesla. The decline follows a sharp price drop over the past week, with bitcoin sliding from near $90,000 to around $78,500, marking a loss of more than 11% in seven days and highlighting renewed volatility in the crypto market.
This move is notable because bitcoin has consistently remained among the top 10 assets by market cap in recent years, supported by elevated prices and strong institutional interest. As recently as Oct. 7, when bitcoin reached a new all-time high, it ranked seventh globally. Earlier last year, it even broke into the top five, overtaking major technology companies such as Google and Amazon. At its October peak, bitcoin briefly traded above $126,000, approaching a valuation of roughly $2.5 trillion.
The recent selloff has been driven by a combination of macroeconomic and geopolitical factors. A strengthening U.S. dollar played a key role after former President Donald Trump nominated Kevin Warsh, a known monetary policy hawk, as the next Federal Reserve chair. Warsh’s reputation for supporting higher real interest rates and a smaller Fed balance sheet triggered the dollar’s strongest rally since May, pressuring risk assets across the board.
The impact extended beyond cryptocurrencies. Precious metals, which had been rallying earlier, saw a sharp reversal, with gold plunging 9% in a single session to just under $4,900 and silver collapsing more than 26% to around $85. Despite the drawdown, gold remains the largest asset globally by market capitalization at approximately $34.1 trillion, followed by silver near $4.8 trillion. NVIDIA continues to lead among publicly traded companies with a market cap of about $4.6 trillion.
Ethereum also suffered during the downturn. Ether fell roughly 14.5% over the past week, dropping to 56th place among global assets with a market capitalization just above $300 billion. The second-largest cryptocurrency is now valued below companies such as Coca-Cola, Cisco, Caterpillar, and Inditex, underscoring the broad-based nature of the recent crypto market correction.
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