Hong Kong Monetary Authority skeptical against algorithmic stablecoins

The Hong Kong Monetary Authority (HKMA) has expressed its skepticism about algorithmic stablecoins and their potential risk to the financial system. The sentiments against...

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Bitcoin closes year with 26th largest market cap globally

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Bitcoin closes year with 26th largest market cap globally Bitcoin closes year with 26th largest market cap globally

Bitcoin closes year with 26th largest market cap globally

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Ethereum ranked 77th, while Tesla loses its place in the top-10.

Bitcoin closes year with 26th largest market cap globally
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Cover art/illustration via Cryptooshala

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Bitcoin (BTC) heads into the Christmas period with the 26th largest market cap at $324.68 billion, just below Mastercard with $328.35 billion.

Ethereum (ETH), on the other hand, ranks 77th on the list with a $147.60 billion market cap, while Tesla loses its place among the top 10 and places 13th with $395.82 billion.

Ranking by market cap

Gold, Apple, and Saudi Aramco are the top three assets, with the largest market cap of $11.939 trillion, $2.103 trillion, and $1.819 trillion, respectively.

Microsoft, Silver, Google, and Amazon follow as the fourth, fifth, sixth, and seventh with $1.775 trillion, $1.333 trillion, $1.137 trillion, and $854.80 billion market caps, respectively.

Meta Platforms and Samsung, on the other hand, are ranked after BTC as 30th and 31st with $311.31 billion and a $304.89 billion market cap, accordingly.

Gold and BTC

On Oct. 24, Cryptooshala analysts revealed that BTC and Gold had achieved an 85% correlation since over the past year. This finding indicated that these two assets increased and decreased at the same times and the same rates with 85% accuracy.

On Nov. 4, the market data also showed that BTC responded to the Fed’s 0.75% interest rate hike even better than Gold or NASDAQ. Reacting to the increase, Gold fell by 0.68%, while NASDAQ sunk by 4.97%. BTC, on the other hand, increased by 0.55% during the same period, which suggests that BTC is a lot “safer as an asset than NASDAQ or Gold.

The correlation between BTC and Gold was also noticed by the prominent names of crypto as well. Author of Bitcoin: The Future of Money? Dominic Frisby suggested purchasing BTC and Gold together to combat inflation, while ETH founder Buterin relies only on BTC.

Read Our Latest Market Report

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Credit : cryptoslate.com

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