Bitcoin dropped on Friday out of the top 10 global assets by market cap to 11th place. The recent market volatility in Bitcoin’s price has now pushed the asset’s market cap to $1.642 trillion.
On-chain data showed that the entire crypto market cap dropped from about $3.1 trillion on Wednesday to around $2.9 trillion on Thursday, representing a 6% loss over 24 hours. The drop also mirrors the broad tech-driven risk-off move that hit global markets on Thursday, leading to price drops across cryptocurrencies, equities, and precious metals.
Bitcoin’s price drops amid broader tech-driven sell-off
Bitcoin’s drop on Thursday sent it to its lowest level since November, triggering $1.8 billion in liquidations across crypto markets in just 24 hours. The drop ranks among the largest single-day sell-offs since the October 10 liquidation event, where half a trillion dollars was wiped from crypto markets in just 24 hours. On-chain data showed that most of Thursday’s losses stemmed from long positions.
At the time of publication, Bitcoin is trading at around $82,630, down 6% in the past 24 hours. Bitcoin has also dropped nearly 7.5% in the past 7 days.
Ethereum has also plummeted by more than 6.6% over the past 24 hours and is currently trading around $2,730. ETH has also declined nearly 7% in the past week.
The crypto market drawdown comes alongside heavy losses for precious metals, with gold now trading at 5,085 after dropping by 11% from Wednesday’s $5,600 high. Silver also declined more than 20% from yesterday’s all-time high of $121 and is trading at $96 at the time of writing.
Despite heavy losses in precious metals, gold leads global assets by market capitalization, with a market cap of $35.064 trillion. Silver follows with a market cap of $5.45 trillion.
Tech companies account for most global assets by market capitalization
Tech companies accounted for the remaining 10 of the top 10 global assets by market capitalization. Most of those tech companies are actively involved in AI, having aggressively invested heavily in the sector over the past year.
Gartner, a research firm, projected that AI spending could surge 44% YoY to $2.5 trillion in 2026. The firm also believes AI spending could increase by 32% to $3.3 trillion by next year.
Nvidia currently has a market cap of $4.6 trillion, making it the third-largest. Nvidia’s stock is trading at $191.82 at the time of publication, down nearly 0.5% in the last 24 hours. However, the firm’s shares have gained more than 2.4% this week alone, and 2.15% for the month.
Google’s Alphabet follows Nvidia with a market cap of nearly $4.1 trillion. The firm’s stock is currently exchanging hands around $339.4, up about 0.22% for the day. Alphabet’s shares have also gained more than 3.4% this week and approximately 8% for the month.
Apple is the fifth-largest by market capitalization, with a market cap of 3.76 trillion. The firm’s stock is down around 0.28% today but up more than 2.4% over the last 5 days.
Microsoft follows with a market cap of $3.24 trillion. The company’s stock is trading at $436.55, down more than 6.12% for the week.
Amazon currently has a market cap of $2.58 trillion, making it the seventh-largest asset globally by market cap. The company’s stock is currently trading at $242.86, up more than 1.22% for the week.
Meta has a market cap of $1.82 trillion, making it the eighth-largest asset globally by market cap. The firm’s stock is exchanging hands at around $723.81, down nearly 2% for the day. TSMC and Saudi Aramco follow with market caps of $1.76 trillion and $1.66 trillion, respectively.
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Source: https://www.cryptopolitan.com/bitcoin-falls-out-of-the-top-10-assets/
