Bitcoin drops from top 10 assets globally ranking as selling pressure mounts

After attracting significant capital inflow to rank among the most valuable investment products, Bitcoin has been dislodged from the top ten assets globally based on market capitalization as the flagship cryptocurrency continues to navigate a highly volatile market.

With a market capitalization of $390 billion, Bitcoin now ranks in the 16 spot losing its position to high-profile traditional financial products, data provided by the company Market Cap indicates.

Top 16 most valuable assets globally. Source: Companies Market Cap

Over the past year, Bitcoin had sustained its status in the top ten group while cementing its position as one of the best-performing assets in the last decade. 

Bitcoin’s potential to replace gold 

In particular, Gold remains the most valuable asset, with a market capitalization of $11 trillion. Interestingly, Bitcoin has earned comparison to gold, with proponents noting that the crypto will likely take over the precious metal as the presumptive store of value. 

Notably, both assets are operating in a high inflation market, but gold has maintained an upper hand. 

Elsewhere, Saudi Aramco ranks second with a market cap of about $2.25 trillion,…

Read more at finbold.com

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