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5 July 2022
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Bitcoin

Crisis leaves Bitcoin off the list of the top ten assets in the world

Bitcoin’s market cap has plummeted along with the token’s price. With that, the cryptocurrency not only left the list of the ten most valuable assets in the world, but also threatens to leave the top 20. Currently, the BTC market cap is US$ 393 billion and this places it in the 17th position of the ranking prepared by Companies Market Cap.

First place is gold, which has a market capitalization of $11 trillion. Then comes the state company that runs oil exploration in Saudi Arabia, Saudi Aramco, with US$ 2.257 trillion. And third is Apple with $2.147 trillion.Part of the list of the most valuable assets in the ranking made by Companies Market Cap (Photo: Reproduction)

Good times

As the price index CoinMarketCap shows, Bitcoin hit its record market cap of $1.274 trillion in November last year.

At that time, the cryptocurrency was trading at around US$68,000 – the highest price recorded was on November 10, when the price hit US$68,789.

The fall was fast, like everything else in the crypto market. On the 1st of this month of June, BTC still occupied the 10th position in the list of the most valuable assets.

Coincidentally or not, the asset that is currently ranked 16th and immediately ahead of BTC is Nvidia shares. The company is the most notorious manufacturer of video cards (GPUs); its main market is games and video editing, but in the beginning the company’s parts were the most used for Bitcoin mining.

It’s been a few years since mining has migrated from GPUs to application-specific integrated circuit chips (or ASICs), dedicated exclusively to this practice.

Yet Nvidia is still there: revenue from its Crypto Mining Processor (or CMP) chip in 2021 totaled $550 million — just 0.2% of its total revenue of $26.91 for the year. .

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