Cryptocurrency Market Cap Passes $2 Trillion as Ethereum Prices Reach All-Time High

Bitcoin cryptocurrency

(Image credit: Shutterstock)

Don't expect cryptocurrency miners to stop buying up the best graphics cards any time soon. Reuters today reported that the cryptocurrency market cap surpassed $2 trillion, a new record, as the prices for Bitcoin, Ethereum and other coins attract the attention of more investors.

According to Coindesk ,Bitcoin pricing hit a 24-hour high of $59,243 at time of writing. That doesn't quite match the cryptocurrency's all-time high price of $61,556 but it was still a 1.21% increase over the previous day and a sign of the coin's stability.

Bitcoin can maintain a $1 trillion market cap all on its own if its price stays above $53,000, Reuters said. Coindesk's price info shows that it's been hovering around that threshold since mid-February and hasn't dropped below it since March 8.

Bitcoin wasn't the only coin contributing to this $2 trillion market cap, however. Ethereum reached its all-time highest price of $2,144 on Friday; it's sitting at $2,106 at time of writing. Other coins have also enjoyed price increases over the last day.

Much of this growth has been attributed to more investors buying into the crypto market. Tesla purchased $1.5 billion worth of Bitcoin in February, for example, and trading apps like Robinhood have pushed to make crypto trading more accessible.

These price increases are good news for cryptocurrency miners, but people hoping to upgrade their builds with new graphics cards for gaming might be disappointed that the crypto market will continue to affect GPU supplies. When the best GPUs for mining go out of stock, miners are sure to turn to whatever's available. 

MSI and Asus have already warned that the ongoing GPU shortage will lead to higher graphics cards prices throughout 2021—and that was before reports indicated that water rationing in Taiwan could affect GPU production if conditions don't improve.

Rumor has it that Nvidia has resorted to increasing production of the outdated GTX 1050 Ti, 1650 and RTX 2060 in an attempt to give manufacturers something they can sell to gamers. But that isn't much of a consolation when the RTX 30-series exists.

All of which means the crypto market cap passing the $2 trillion mark probably isn't great news for gamers. For anyone interested in joining the mining frenzy, however, now's an appropriate time to check out our guides explaining how to mine Ethereum and how to optimize your GPU for mining Ethereum

Nathaniel Mott
Freelance News & Features Writer

Nathaniel Mott is a freelance news and features writer for Tom's Hardware US, covering breaking news, security, and the silliest aspects of the tech industry.

  • caseym54
    This is literally inflation.
  • LolaGT
    And, like it or not GPU use for cryptocurrency farming is still going to be a thing for another couple years as far as hardware viability.
  • ET3D
    LolaGT said:
    And, like it or not GPU use for cryptocurrency farming is still going to be a thing for another couple years as far as hardware viability.

    Hopefully Ethereum's move to proof-of-stake will help.
  • grlegters
    The nail that sticks up, gets hammered down. As cryptocurrency gets more popular and profitable, entrenched governments will see it as a threat to their power and monopoly on money. I expect that governments will ban cryptocurrency using the pretense of a war against drug lords, human trafficking, tax cheaters, energy waste, etc.. The power to the people offered by cryptocurrency sounds nice, but ask Bernie Sanders and Donald Trump how that works out in the long run. Money can be made (literally) until the hammer comes down, but it always pays to keep an eye on the authorities (remember the stock sales by congressmen before the pandemic announcement?). In the meantime, I'll continue postponing my GPU upgrade.
  • daworstplaya
    Let's hope Crypto currencies get banned sooner rather than later. China should just do a mass shut down of all the servers there. Waste of electricity.