BTC market cap slip from 8th most valuable asset to 26th position

In November 2021, Bitcoin's market value was high enough to be in the top ten by market capitalisation. Bitcoin was the eighth most valuable asset on the market on November 9 of the year before. Since then, the value of treatment of NFTs  has dropped by 75% compared to the value of the US dollar, and its market capitalisation has fallen to 26th place among the most valuable assets and businesses in the world.

Currently, Bitcoin is worth a little less than Chevron and a little more than Home Depot.

A little more than a year ago, in November 2021, the market capitalisation of bitcoin (BTC) was the eighth-largest of all the international firms and assets that were traded. On November 9, 2021, and took a snapshot of the market and showed that BTC was worth $1.289 trillion. At the time, each unit was worth a little more than $68K.

On November 9, 2021, the total value of silver was $1.380 trillion. This was more than the total market capitalization of bitcoin, which was $1.360 trillion. On November 9, 2021, ETH had the 15th highest market capitalisation out of all the assets. Based on market capitalisation, this put ETH in the top 20 assets.

At the time, one unit of ether cost $4,839 and was worth about $570.45 billion on the market. The market capitalisation of Tencent, a company, was about $588.07 billion, which was a lot more than the market capitalisation of Ethereum. JPMorgan Chase was worth $499.61 billion 395 days ago, but the second most crucial cryptocurrency asset is now worth more than that.

Today, December 9, 2022, Bitcoin and Ethereum are worth a lot less than they were a year ago. Based on how much money it is worth on the market, Bitcoin is now the 26th most valuable asset. It is not one of the ten most useful things right now. 

But it is still one of the top 30 assets right now. BTC is worth about $331.76 billion on the market, which is just a little less than Chevron, which is worth about $335.56 billion.

Also, the value of bitcoin on the market is now higher than the value of Home Depot on the market as a whole, which was $330.30 billion on December 9 of this year. With a market value of about $155.25 billion, Ethereum is now the 72nd most valuable cryptocurrency.

This was a significant drop when it was the 15th most valuable cryptocurrency. Ether's market value is slightly higher than Adobe's ($154.61B), much less than UPS's ($155.36B).

Ethereum costs about 73.7% less than it did on November 9, 2021, 395 days ago. Even though the market capitalisations of Bitcoin and Ethereum have both gone down in the last year, this is also true for the vast majority of other assets and businesses. On the other hand, over the past year, the overall market value of some help, like gold, has gone up. Gold was worth about $11.605 trillion on the market in November 2021. It's worth about $11.910 trillion dollars right now.

Microsoft's worth went down from $2.53 trillion in the past year to $1.844 trillion. This made the company's assets fall from the second-largest to the third-largest. On the stock market on November 9, 2021, Google or Alphabet was worth about $1.98 trillion, which put it in fifth place. 

After 395 days, on December 9, 2022, it was worth $1.213 trillion, less than what it had been worth. Even though it has moved from seventh to fifth place in the top ten, silver's market value has decreased from $1.38 trillion to $1.316 trillion.

The market for cryptocurrencies like Bitcoin is very volatile. It can be affected by a wide range of things, including investor emotions, government regulations, worries about the security of the cryptocurrency, major economic events, and more.

 When fewer people want an asset or when there are more of them on the market, the market capitalisation of that asset could go down. A drop in market capitalisation could be due to market manipulation, the spread of bad news, or investors who don't trust the company.

If new cryptocurrencies are made and become famous, the demand for Bitcoin could go down. This could lower the value of Bitcoin on the market. The government has put in place some rules. Government rules could change the demand and supply of Bitcoin, which would cause the market value to go down. Bitcoin Smart is the official bitcoin trading website.

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