Cryptocurrency Market Rebounds, With Bitcoin and Ethereum Up 25% in a Week

Bitcoin price
(Image credit: Shutterstock)

News of the cryptocurrency market's death may have been greatly exaggerated, with Bitcoin and Ethereum climbing again from their brutal correction from only a few weeks ago. Bitcoin is up 12% in the last 24 hours, and Ethereum climbed around 10% in the same timeframe. Since most cryptocurrencies are still pegged to Bitcoin's value, this means a rebound across most of the market.

With today's gains, orver the past week Bitcoin is up around 25%, while Ethereum has bested it with a 27% increase in the same timeframe. This movement follows news last week that Amazon was considering accepting Bitcoin as a valid payment method for purchases in its storefront. It also committed to develop a digital currency and blockchain strategy and a product roadmap for cryptocurrency integration within its service framework.

Pricing for Bitcoin, Ethereum according to Coinmarketcap

Pricing for Bitcoin, Ethereum according to Coinmarketcap (Image credit: Coinmarketcap)

All of this combined means that users looking for the latest-gen best graphics cards might do well in tempering their expectations on falling prices. As we've seen, the decline was already tapering off, and you can rest assured that increasing Ethereum prices mean a better ROI (Return On Investment) for miners still holding onto their cards — and likely higher market demand for non-LHR graphics cards still in the retail or secondhand markets.

The cryptocurrency market price is even less of an exact science than the finance or stock markets, and swings of 30% in value aren't unheard of. That said, if you're a PC enthusiast and looking for one of those shiny, unicorn-like graphics cards, these upward pricing fluctuations aren't the news you'd want to hear. It is what it is, and we'll keep following the overall GPU market trends in our graphics card pricing index.

Francisco Pires
Freelance News Writer

Francisco Pires is a freelance news writer for Tom's Hardware with a soft side for quantum computing.

  • daworstplaya
    This is sad, Amazon isn't accepting Bitcoin, they are "considering" accepting Bitcoin (it's not a done deal) and it was enough for the speculative fake currency to shoot up in value. Seriously people.
  • peachpuff
    Thanks bezos!
  • spongiemaster
    peachpuff said:
    Thanks bezos!
    The markets had been climbing for a few days before Amazon's announcement. The initial catalyst for the gains was probably Elon Musk saying Tesla would accept Bitcoin again in the future.
  • thisisaname
    Bet someone made a fortune with this
  • Co BIY
    I'm sure price increases of 25% a day would make everyone on Amazon happy.

    A currency needs price stability.

    That said US inflation hitting 5.4% for the past 12 months has got to be boosting the cryptos.