Bitcoin falls below Tesla, dropping out of the top 10 assets by market capitalization

Ether has extended its selloff, sliding to 56th place among global assets by market capitalization after losing 14.5% over the past week. Its market value has fallen to just above $300 billion, pushing the second-largest cryptocurrency well outside the top 50 rankings.

Bitcoin’s market capitalization has declined to roughly $1.57 trillion, placing it 13th globally by that measure, behind assets such as Saudi Aramco and Tesla. The shift follows a sharp drop in bitcoin’s price, which fell from around $90,000 to roughly $78,500, marking a weekly loss of more than 11%.

The downturn has unfolded against a turbulent macro backdrop. Rising geopolitical tensions, a sudden reversal in the precious metals rally, the nomination of a more hawkish Federal Reserve chair, and a partial U.S. government shutdown have all weighed on risk assets and fueled renewed strength in the U.S. dollar.

Bitcoin’s exit from the global top 10 assets by market capitalization marks a notable shift. In recent years, elevated prices had kept BTC firmly among the top ranks. As recently as Oct. 7, when bitcoin set a new all-time high, it ranked seventh by market value. Earlier last year, it briefly climbed into the top five, overtaking technology giants such as Google and Amazon.

At October’s peak, bitcoin traded above $126,000 and neared a valuation of $2.5 trillion, underscoring the magnitude of the recent pullback.

A key driver of the latest selloff has been the U.S. dollar’s renewed strength. President Donald Trump’s nomination of Kevin Warsh — a former Federal Reserve governor known for advocating higher real interest rates and a smaller Fed balance sheet — triggered the dollar’s strongest rally since May.

That dollar surge sparked a broad retreat across alternative assets. Gold plunged 9% in a single session to just under $4,900, while silver fell even more sharply, tumbling 26.3% to $85.30. Despite the drawdown, gold remains the world’s largest asset by market capitalization at $34.1 trillion, followed by silver at nearly $4.8 trillion.

Among publicly traded companies, NVIDIA continues to lead global market capitalization rankings at $4.6 trillion, followed by Alphabet at $4.08 trillion.

Ether’s decline has also reshaped its standing among global assets. The cryptocurrency is now valued below companies such as Caterpillar, Inditex, Coca-Cola, and Cisco. Just weeks ago, ether ranked comfortably within the top 50 assets, and prior to the Oct. 10 market selloff, it sat closer to the top 25 — highlighting the severity of the recent downturn.