During the crypto crash gloom, many cryptocurrencies were severely affected. Consequently, Bitcoin lost more than 16% of its value against the US Dollar within the past 30 days. Some stated that the downturn of cryptocurrencies would be the final blow, as it will not survive the crash. However, at the time of the writing, Bitcoin was the tenth most valuable asset in the world based on market valuation. Bitcoin has an astounding $603 billion net market value, ranking higher on the list than Metaverse’s capitalization and below Berkshire Hathaway’s overall valuation.
When the market prices dropped within the entire crypto industry, Bitcoin also suffered. Data shows that 30 days ago, the value of Bitcoin was 16.4% higher than it was at the time of writing. Moreover, the failure of Terra Luna and UST also played a significant role in negatively affecting Bitcoin. As the market was crashing alongside the so-called stable coins, the investors’ trust in cryptocurrencies decreased significantly. As a result, many people withdrew their money.
The crypto industry is massive, with a total market cap of $1.36 trillion. Surprisingly Bitcoin makes up 44% of the entire crypto economy. Such a high value makes BTC the tenth-largest globally based on market capitalization. Among the list are Gold, Silver, and companies like Apple, Microsoft, Amazon etc.
Despite the considerable success, BTC is still far away from the market cap of gold. Gold is the largest market cap, and when added to the commodities, gold makes up a market value of $86.56 trillion. Consequently, the staggering market value of BTC, i.e., $603 billion, equates to a mere 5.13% of the gold’s overall market value.
Saudi Aramco is the world’s second-largest asset, with a market cap of $2.457 trillion. Third on the list is Apple, with an astounding $2.406 trillion. Compared with the market cap of BTC, Bitcoin equates to 25.06% of Apple’s market cap. Therefore, experts state that bitcoin is being strengthened with every passing day and with every new advancement in technology. BTC is likely to increase in the market cap and climb up the list of the ten largest assets of the world. The crypto crash gloom is ending, and BTC is starting to recover quickly.
