TLDR
- Bitcoin has dropped to 11th place in global asset rankings by market capitalization.
- The overall cryptocurrency market lost 6% in just 24 hours, falling from $3.1 trillion to $2.9 trillion.
- Bitcoin’s price has fallen to $82,630, marking a 6% drop in 24 hours and nearly 7.5% in the past week.
- The drop triggered $1.8 billion in liquidations across crypto markets, with most losses coming from long positions.
- Ethereum has also faced a 6.6% decline in the past 24 hours, trading at around $2,730.
Bitcoin has dropped to 11th place in the global asset rankings by market cap. This marks the first time in recent months that it has fallen out of the top 10. Bitcoin’s market capitalization now stands at $1.642 trillion, following a sharp decline in its price.
The overall cryptocurrency market also experienced a significant drop. From a high of $3.1 trillion on Wednesday, the crypto market cap decreased to around $2.9 trillion by Thursday. This 6% loss reflects the broader market pullback that affected both cryptocurrencies and traditional assets.
Bitcoin Drops Below $83,000
Bitcoin’s price decline has seen it drop to around $82,630. This represents a 6% decrease in the past 24 hours. In the past week, Bitcoin’s value has also fallen by almost 7.5%.
The price plunge triggered massive liquidations across the crypto market. On-chain data revealed that $1.8 billion worth of positions were liquidated in just 24 hours. Long positions were the hardest hit, contributing to most of the market’s losses.
The drop in Bitcoin’s price is the lowest since November. Experts suggest that the broader market volatility may have contributed to the sell-off. The drop has raised concerns among investors as Bitcoin’s ranking in global assets has now slipped.
Ethereum and Other Cryptos Face Losses
Ethereum has also seen a significant decline, losing 6.6% in the past 24 hours. At the time of writing, Ethereum is priced around $2,730. The asset has similarly dropped by nearly 7% in the past week.
Ethereum’s performance mirrors that of Bitcoin, with both coins facing sharp losses. Ryan Rasmussen, Head of Research at Bitwise, noted that “two of the top 20 crypto assets are up double digits, everything else is down.” This highlights the broader market downturn that has affected both major and minor cryptocurrencies.
While Bitcoin and Ethereum faced heavy losses, precious metals also took a hit. Gold dropped by 11%, and silver fell by over 20% in just 24 hours. Despite these losses, gold still leads the global market in terms of capitalization.
Tech Stocks Surge Amid Market Downturn
The technology sector remains resilient, with major companies like Nvidia, Alphabet, and Apple holding strong market positions. Nvidia’s market cap is currently at $4.6 trillion, ranking third globally. Despite a slight dip in its stock price, Nvidia has seen a more than 2% increase this week.
Alphabet follows closely with a market cap of nearly $4.1 trillion. Apple rounds out the top five, with a market capitalization of $3.76 trillion. These companies are heavily involved in AI, which continues to drive investor confidence.
Tech companies are expected to see continued growth, especially with AI spending projected to increase by 44% year-over-year. Gartner forecasts that AI spending could reach $2.5 trillion in 2026, further bolstering the tech sector’s dominance in the market.
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