Bitcoin has slipped to the 12th-largest asset by market capitalization, falling behind Tesla's $1.6 trillion valuation. The cryptocurrency's price dropped to around $77,300, down 8% in the past day. This shift follows a broader market correction that liquidated over $2.5 billion in positions.
Bitcoin's position among the world's top assets has weakened significantly, according to data from CompaniesMarketCap. The digital currency, once a frontrunner, now ranks 12th globally by market cap, surpassed by electric vehicle maker Tesla. At the time of reporting, Tesla's valuation stood at $1.6 trillion, securing it the 11th spot.
The decline accelerated earlier this week when Bitcoin exited the top 10 assets, trailing companies like Meta Platforms and Taiwan Semiconductor Manufacturing Company. On the day in question, Bitcoin's price fell to $81,000 before dipping further to about $77,300, reflecting an 8% drop over 24 hours, as tracked by TradingView. This pushed its total market capitalization to roughly $1.5 trillion.
The price tumble triggered a sharp market correction, leading to widespread deleveraging in the crypto space. According to CoinGlass, approximately $2.5 billion in leveraged positions were wiped out in the past day. Long traders suffered the most, with losses amounting to $2.4 billion, affecting more than 408,000 traders overall.
This event underscores the volatility in cryptocurrency markets, even as traditional assets like Tesla gain ground amid broader economic shifts. Investors are closely watching whether Bitcoin can rebound from this setback.
