Don't expect cryptocurrency miners to stop buying up the best graphics cards any time soon. Reuters (opens in new tab) 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 (opens in new tab),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Rumor has it that Nvidia has resorted to increasing production of the outdated GTX 1050 Ti, 1650 and RTX 2060 in an attempt to give manufacturers something they can sell to gamers.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.