In just two months, the market landscape has undergone a dramatic transformation. Bitcoin's ranking has fallen from the top few positions to eighth place, while silver has completed a remarkable turnaround, surging to the third position among global assets with a market capitalization of $4.49 trillion, even surpassing tech giants like Apple.

According to the latest data (end of December 2025), the global major asset rankings reveal an interesting pattern:

Gold remains firmly in first place with a market cap of $31.7 trillion, maintaining its centuries-old dominance; NVIDIA ranks second with a market cap of $4.64 trillion, solidifying its throne in the AI sector; silver, with a market cap of $4.49 trillion, successfully breaks into the top three, marking a noteworthy change. Apple, Microsoft, Google, and Amazon, the four tech giants, now have market caps in the $3-4 trillion range, trailing behind silver; Bitcoin has fallen to $1.75 trillion, a decline of about 30% from its all-time high.

The underlying logic behind this shift is worth pondering. Silver's surge is not only driven by rising risk aversion but also by its tangible industrial demand—solar panels, electric vehicles, semiconductors, and other industries rely heavily on it. Tensions in geopolitical situations, a weakening dollar, and fluctuations in the global supply chain have all contributed to making silver the biggest winner.

Bitcoin's correction is within the realm of healthy market volatility. Factors such as halving cycles, institutional narratives, and interest rate cut expectations still persist. This phase appears more like a buildup rather than a true bear market. Historical experience shows that after each deep dip, a higher leap often follows.

The biggest takeaway from this reshuffling is: the market has no eternal protagonists, only rotating capital. Today’s silver star may be replaced by other assets in the next cycle. Crypto assets, traditional precious metals, and tech stocks each have their own cycles and opportunities.

Diversified allocation and patience are the best strategies to navigate market uncertainties.