Bitcoin A Year Ago
Prior to mid-November, 2021, Bitcoin was the most traded instrument on earth. It secured the 8th position amongst the most valuable assets in the world.
It even managed to take control over entire trading markets, including Gold and became a hedge against all odds.
During that time, Bitcoin’s market capitalization exceeded $1.289 Trillion and each unit of Bitcoin was selling at a whopping price of $68,000. Bitcoin took lead from corporate giants such as Tesla Inc. in terms of its whooping market cap.
Ethereum Prior to 9th November 2021
Similarly, the second lead crypto coin, Ethereum, too became the 20th most valuable asset in terms of its market capitalization. It was holding the 15th position as of 9th November 2021.
Ethereum’s market capital was half the size of Bitcoin at that time and it was trading hands at a value of $4,839.
Like Bitcoin, Ethereum also gave massive competition to corporate giants and even went past companies like Tencent and JPMorgan Chase.
Both of these companies market values fell a little short of Ethereum’s market value of $588.07 Billion.
Lead Cryptocurrencies Today
Since 9th November 2022, things have changed drastically and perhaps shockingly. Once 8th and 20th most valuable assets have now lost the punch due to the crypto winter season or crypto economy crisis.
Both leading crypto coins’ valuations have shrunk massively and consequently, they both do not fall within the top 20 most valuable assets.
Bitcoin is now securing 26th position because its market cap has declined to $331.76 Billion only from $1.289 Billion. This valuation is even below the present market cap of a corporate giant, Chevron, which is hovering above $335.56 Billion.
However, Bitcoin is still maintaining a lead in terms of market valuation from companies like Home Depot whose valuation is $330.30 Billion.
Still, the asset is very far behind its all-time high valuation that it hit in the year 2021. Since then, Bitcoin has only wished to be pushed to a point where it manages to hit a valuation as high as $1.4 trillion.
Ethereum Securing 72nd Position
Like Bitcoin, Ethereum also is no longer the 15th most valuable asset in the world as it was on 9th November 2021. Today, Ethereum is holding 72nd place with a market valuation of $155.25 Billion.
Ethereum’s market valuation is resting even below the market valuation of United Parcel Service (UPS) whose capital exceeds $155.36 Billion.
Since 9th November 2021, Ethereum’s market capitalization has decreased almost by 74%
Golden Era of Crypto Economy
The period between end-2018 till 9th of November 2021, could easily be regarded as the golden era of the crypto economy.
It was the time when the crypto market was booming and both, Bitcoin and Ethereum, were leading the industry from the front.
In this timeframe, further impetus was brought in by traditional markets where instruments, such as Gold, failed in drawing admirable attention. Resultantly, the opportunity was gladly taken by the crypto industry.
Conventional Trading Market Leaders
For instance, as of 9th November 2021, Gold’s overall market valuable was $11.605 Trillion. Even as of today, Gold’s market valuation is hovering above $11.910 Trillion and below $12 Trillion.
However, the point to be noted is that since November 2021, Gold trading has increased overwhelmingly.
Due to the economic crisis, companies such as Microsoft could not hold onto their positions. For instance, in November 2021, Microsoft’s market capitalization was above $2.53 Trillion and it was the second most valuable asset in the world.
Today, Microsoft’s market valuation has dropped below $1.844 trillion and it is now no longer the second most valuable asset but third.
Though the crypto economy is in recovery yet it seems impossible for them to bring back the golden era.
Gold is still the most valuable asset and with the dollar losing its value due to the high inflation rates, its value is only going to go up.