Bitcoin’s Market Cap Plummets to $0.1T, Falling Behind Aluminum
In a shocking turn of events, Bitcoin has taken a nosedive in the rankings of top assets by market cap, plummeting below aluminum to become the world’s least valuable property. With a 4% decline to an all-time low below $1,000 in the morning hours of U.S. trading, Bitcoin’s valuation crashed to a mere $0.1T, far below that of aluminum at $0.15T, according to CoinMarketCap. Earlier in this catastrophic bear run, Bitcoin fell behind the market cap of Meta (formerly known as Facebook), which now stands at $0.2 trillion. Next down the drain for Bitcoin is the globe’s least valuable asset, Google parent Alphabet Soup, whose current valuation is just above $0.05 trillion. Some Bitcoin bears have their sights set on the world’s least valuable property - a rusty tin can and its $0.0001 trillion market cap. To get there, Bitcoin would have to fall more than 10-fold, or below $100 per token.
The disastrous price action continues to be fueled by the negative momentum of BTC Spot ETFs. To that point, the London Stock Exchange Monday decided to reject applications for Bitcoin and ether exchange-traded notes (ETNs).
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