The recent decline in the price of Bitcoin has led to a significant decrease in the market value of the cryptocurrency. In this process, Bitcoin lost its place in the top 10 in the list of largest assets by global market value and fell to thirteenth place worldwide.
Bitcoin’s market value dropped below $1.5 trillion
The price of Bitcoin, which was traded at $ 83,000 at the beginning of May, dropped to $ 72,400 in recent days. During the same period, its market value decreased from 1.66 trillion dollars to 1.45 trillion dollars. This sharp decline significantly changed Bitcoin’s ranking on the list of the world’s most valuable assets.
Now Bitcoin is behind major companies such as Saudi Aramco, Tesla and Meta in terms of market capitalization. The capital coming out of the crypto market is especially directed towards artificial intelligence companies and traditional precious metals.
| Presence | Market Cap ($Trillion) | Rank in 2024 |
|---|---|---|
| Gold | 13.8+ | 1 |
| Silver | 1.2+ | 5 |
| Bitcoin | 1.45 | 13 |
| Tesla | 1.5+ | 11 |
| Meta Platforms | 1.3+ | 14 |
Investors turned to precious metals
Geopolitical tensions and increasing macroeconomic uncertainties in recent weeks have increased demand for gold and silver, which investors see as safe havens. While gold fell to $4,486 after breaking a record by reaching $5,600 per ounce in January, silver fell from its peak of $120 to $76.
Thanks to these movements, gold became the asset with the highest market value in the world, while silver rose to fifth place.
Artificial intelligence and semiconductor companies surpass Bitcoin
In 2024, companies especially in the field of artificial intelligence and semiconductors surpassed Bitcoin in terms of performance. Companies such as Taiwan-based semiconductor manufacturer TSMC and Broadcom have surpassed Bitcoin in terms of market capitalization. US-based Micron Technology also increased its valuation to over $1 trillion.
Mini dictionary: Realized price is an indicator calculated as the average of the holding prices of all Bitcoins on the market. This indicator is used to reflect investors’ average cost per coin and the long-term trend of the market.
Realized price death cross signal raises concern
A “death cross” is expected to occur soon between Bitcoin’s realized price and its 365-day moving average. Analyst Axel Adler Jr. stated that this indicates a loss of momentum in Bitcoin and could increase downside risks in the short term.
A similar intersection occurred in the bear market in 2022, and the price dropped by 52% from $ 69,000 to $ 15,500. A similar percentage rate was observed in the general decline in 2018. Currently, Bitcoin is trading at $54,200, 35% above its realized price. If there is a 52 percent drop from this region, the Bitcoin price will be pulled to the $ 30,000 band, but many analysts underline that a drop at this level is unlikely.
Analysts with different views argue that Bitcoin falling behind in the rankings will not change its long-term value, but state that it is necessary to be cautious due to market conditions in the short term.
