Ether has tumbled sharply, dropping to 56th place among global assets by market capitalization after losing 14.5% of its value over the past week. Its market cap now sits just above $300 billion, pushing the second-largest cryptocurrency well outside the top 50 assets.

Bitcoin’s market capitalization has also fallen, now around $1.57 trillion, making it the 13th-largest asset globally — behind Saudi Aramco and Tesla. The decline follows a steep drop in bitcoin’s price from roughly $90,000 to about $78,500, a weekly loss exceeding 11%.

The downturn comes amid a turbulent macro backdrop. Geopolitical tensions, a reversal in the precious metals rally, the nomination of a hawkish Federal Reserve chair, and a partial U.S. government shutdown have all contributed to a stronger U.S. dollar and weaker risk assets.

Bitcoin’s fall out of the global top 10 by market capitalization is particularly notable. In recent years, elevated prices had kept BTC consistently among the top-ranked assets. As recently as Oct. 7, when bitcoin reached a new all-time high, it ranked seventh by market value. Earlier last year, it even briefly entered the top five, surpassing major tech companies like Google and Amazon. At that peak, bitcoin traded above $126,000, approaching a $2.5 trillion valuation.

A key factor behind the decline has been the U.S. dollar’s strength. President Donald Trump’s nomination of former Federal Reserve governor Kevin Warsh — known for favoring higher real interest rates and a smaller Fed balance sheet — triggered the dollar’s largest rally since May.

The dollar’s surge sparked a broad retreat across alternative assets. Gold fell 9% in a single session to just under $4,900, while silver plunged 26.3% to $85.30. Despite these losses, gold remains the world’s largest asset by market capitalization at $34.1 trillion, with silver at nearly $4.8 trillion. Among equities, NVIDIA continues to lead at $4.6 trillion, followed by Alphabet at $4.08 trillion.

Ether’s drop has similarly reshuffled its ranking among global assets. The cryptocurrency now sits below companies such as Caterpillar, Inditex, Coca-Cola, and Cisco. Just weeks ago, ether ranked within the top 50 assets, and prior to the October 10 market selloff, it approached the top 25 — highlighting the scale of its recent decline.