Bitcoin has fallen out of the top 10 global assets by market capitalization, dropping to 11th place amid a major downturn in digital asset markets.
Bitcoin was trading at around $87,500 at press time, following a broad risk-off move that hit global markets on Thursday, CoinGecko data shows.
The total crypto market capitalization has fallen to approximately $2.9 trillion, reflecting a 5% loss over 24 hours.
Despite the ranking decline, a recent survey indicates institutional investors view Bitcoin as undervalued at current levels.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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