Bitcoin falls out of global top 10 assets by market capitalization after price dumps below $80,000
Bitcoin's market cap dropped to 13th globally after its price fell below $80,000, also impacting Ether.Summary
Bitcoin has fallen out of the global top 10 assets by market capitalization, now ranking 13th with a market cap of approximately $1.57 trillion, following a sharp price drop from around $90,000 to $78,500, representing an 11% loss over seven days. This decline is attributed to several factors, including geopolitical tension, a breakdown in the precious metals rally, and the nomination of a 'Hawkish' next Federal Reserve chair, Warsh, which strengthened the U.S. dollar. The dollar's rally caused significant drops across assets, with gold plunging 9% and silver falling 26.3%. Ether also suffered, dropping to 56th place with a market cap just above $300 billion after losing 14.5% of its value. Bitcoin had previously reached 7th place in October when its price hit a record high above $126,000, briefly surpassing major tech companies.
(Source：CoinDesk)