"Still into Bitcoin?" It has fallen 30% in a year and now ranks 14th among global assets

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[The Financial News] Bitcoin's standing is weakening. Once ranked among the top five global assets by market capitalization, Bitcoin has recently slipped to 14th place, showing signs that its momentum has faded.
On the 3rd, Newsis News Agency cited market-cap tracking site CompaniesMarketCap as saying that Bitcoin's market capitalization stood at $1.409 trillion as of the 2nd, ranking 14th among global assets. Just last year, it was on par with major big tech companies, but it has now fallen below Samsung Electronics Co., Ltd. and Meta.
Bitcoin's peak came in the second half of last year. Starting in July, its price surged to around $120,000, or about 170 million won, pushing its market capitalization to roughly $2.4 trillion.
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\r\nBitcoin surged ahead, overtaking Google parent Alphabet Inc. and Amazon.com, Inc. to enter the top five global assets by market capitalization. But this year, as the virtual asset market correction deepened and geopolitical risks in the Middle East expanded, the mood changed sharply.
Adding to that, a sharp rise in United States Treasury securities (U.S. Treasuries) yields and growing inflation concerns have dampened investor sentiment, bringing a crisis for Bitcoin. It has fallen 11% this year and about 30% over the past year, dragging its market capitalization down sharply and significantly weakening its status.
Market watchers say Bitcoin is losing investor attention as the artificial intelligence (AI) investment boom continues. In fact, an exchange-traded fund (ETF) tied to the Magnificent Seven, the major U.S. tech stocks, rose 33% over the past year, far outpacing Bitcoin's returns. Wintermute also said in a market report on the 1st that "stocks are rising while virtual assets are lagging behind."
Wintermute noted that "the virtual asset market has failed to rebound even though macroeconomic pressures have eased somewhat," adding that "the problem may not be the macro environment, but the lack of new buyers." It pointed to the low $60,000 range as Bitcoin's key support level.
As short-term variables, it cited the United States Consumer Price Index (CPI), the Producer Price Index (PPI), and the upcoming launch of CME Nasdaq virtual asset index futures. It also said the market should watch whether profits from the recently strong HYPE token will flow back into other virtual assets.
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bng@fnnews.com Kim Hee-sun Reporter