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Bitcoin

Ether Hits $3,000 as Bitcoin's Crypto Dominance Declines (bloomberg.com) 71

Posted by msmash from the closer-look dept.
Bitcoin's domination of total cryptocurrency market value is declining as its next-biggest rival Ether reaches the $3,000 milestone. From a report: The rise of Ether suggests there's room for more than one winner among digital tokens as the sector evolves. Bitcoin now accounts for about 46% of total crypto market value, down from roughly 70% at the start of the year, and Ether makes up 15%, according to tracker CoinGecko. Bitcoin remains the biggest cryptocurrency but the momentum in other tokens is drawing increasing interest. Proponents argue investors are getting more comfortable with a variety of tokens, while critics contend the sector may be in the grip of a stimulus-fueled mania. Cryptocurrencies were broadly higher on Monday. Bitcoin climbed above $58,000, while Ether jumped 6% to $3,151 as of 8:17 a.m. in New York. "Ethereum is rising and not much seems to be in its way," Edward Moya, a senior market analyst at Oanda, wrote in a note Friday, adding that other tokens were also seeing "fresh interest." The current distribution of market share also reflects an April shakeout in the cryptocurrency sector. Bitcoin has yet to recover all the ground it lost after tumbling from a mid-April record of almost $64,870.
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Ether Hits $3,000 as Bitcoin's Crypto Dominance Declines More

Ether Hits $3,000 as Bitcoin's Crypto Dominance Declines

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  • Enough (Score:5, Insightful)

    by systemd-anonymousd ( 6652324 ) on Monday May 03, 2021 @02:23PM (#61342632)

    We don't need 5 updates a day about what 5 cryptocoins are doing. Slashdot must have an editor who put $10 into it in 2010 or something.

    • Give that man a donut.

    • We don't need 5 updates a day about what 5 cryptocoins are doing.

      Slashdot posts articles that are likely to generate comments and readership.

      If you don't like a topic, you can "vote" against it by not reading it and not posting comments. Then similar articles will be less likely to be posted in the future.

      This is the exact opposite of what you did.

    • Yeah... and their Slashdot user name is msmash. Take a look a their posting history, it's filled with crypto crap over the past decade or so.

    • We don't need 5 updates a day about what 5 cryptocoins are doing. Slashdot must have an editor who put $10 into it in 2010 or something.

      I'd imagine the people who spazz the most when their coins are moving in the wrong direction are people who bought in recently.

      "O noes, I bought in at $63.5k and now some other coin is stealing its thunder. That makes me a sad panda." - someone, probably

    • I guess that means msmash is a billionaire now?

    • The worst part about it is that all they do is talk about the price. One gets the impression that the editors have no idea what actually is Ethereum.

  • Say goodbye forever to GPUs (Score:3)

    by xack ( 5304745 ) on Monday May 03, 2021 @02:25PM (#61342642)
    We will have to say goodbye to GPUs forever as long as crypto prices keep rising. A high price means even at high difficulty even a low end card can eek out a few dollars a day. I'm glad I got my 2070 for a normal price just before the stupidity started. My prediction is that the PC gaming market will devolve for few years as games optimize for older cards like the 1050ti as they are the highest end available to normal users right now.

    • Also goodbye to reducing carbon pollution, as most crypto-coin sustained by fossil fuels, particularly the coal-heavy bitcoin. Gaming tokens go brrrr make smoke!

      • I wonder if the gains are all based on some sort of arbitrage of where the revenue is the best in mining?

    • Re:Say goodbye forever to GPUs (Score:4, Interesting)

      by Ecuador ( 740021 ) on Monday May 03, 2021 @02:43PM (#61342740) Homepage

      Text adventures FTW! Who needs graphics!
      On another note, while Ethereum is worse for GPUs (as you really need ASICs now for bitcoin) currently, it is scheduled to switch to a "Proof of Stake" system (this year IIRC), so that should reduce the GPU mining demand. Until then, as I said, some retrogaming won't hurt!

      • Well, maybe not all the way back to text adventures, but LucasArts-level of adventure games were really fun. Also, classic 8-bit/16-bit 2D games similar to Zelda and Metroid wouldn't hurt.

      • The funny thing about proof of stake is the more fake money you have, the more you can influence the same fake money. But the same supporters of this say that you need cryptocurrency as fiat dollars are fake money. Whoever first said that cryptocurrency is recreating monetary theory, and all the associated mistakes, was spot on.

        • The funny thing about proof of stake is the more fake money you have, the more you can influence the same fake money.

          Mining rigs and and access to cheap electricity are how you buy influence in "proof of work" coins, going to "proof of stake" just cuts out the middlemen.

    • erm. the whole reason behind this Ether price increase is due to it starting its transition away from GPU- and electricity-intensive Proof-of-Work to Proof-of-Stake where you buy these coins and stake them to be able to get new ones. so this particular event is GPU-friendly and not the other way round...

    • Re:Say goodbye forever to GPUs (Score:4)

      by EvilSS ( 557649 ) on Monday May 03, 2021 @02:58PM (#61342832)
      Nah. Ethereum mining on GPUs is hittings its last hurrah right now. The price surge has brought higher profits (I've jumped almost 50% today on my two PCs with GPUs). But for GPU mining it a bit of a dead cat bounce. Ethereum ASICs are finally coming onto the market which will eventually make GPUs completely unprofitable, and will put a dent in profits by spiking difficulty in the mean time. This is what happened with Bitcoin, ASICs showed up and GPU mining of BTC died. Transaction profitability is about to be cut this summer and Ethereum Proof of Stake will be here 'any day now!' (TM) But joking aside, it might be not that far off now.

      Meanwhile NVidia is putting out new 30#0 SKUs (except the 3090) for existing cards and the new 3080ti which will all include mining limiters (hopefully they won't leak the fix for them this time, fingers crossed). And yea, people will try to break it but hopefully it hold up through the summer. I think you will see a lot of second hand cards start hitting the market next month. Prices won't drop right away due to the hash limited 30 series hitting the market (so the non-limited versions will be at a premium), but once the profitability drops set in, you will see a lot of late to the party miners who bought cards way over MSRP and who are way upside down on them start panic selling. Once that happens, scalpers will end up having to drop prices, which should run the off new card buying.

      Now there could be another alt coin rise up, but honestly I don't see profits going into fall being anywhere near where they are now. Eth was the big GPU mining driver in 2018, and it is this year as well. Once it's gone, the GPU mining population will go with it. Yea there will be some but nothing like today and prices should get back to normal sometime early next year (baring any other disruptions).

      • Re: (Score:2)

        by ELCouz ( 1338259 )
        The difference is that Bitcoin wasn't planned to switch to PoS and will probably stay with PoW for a loooong time. ETH on the other hand would be incredibly stupid to buy those ASICs since PoS is not to far away. Don't forget the makers of these will QA test them for awhile until they resell them used to the market.

        • You should read the theoretical papers on PoS, for instance: https://download.wpsoftware.ne... [wpsoftware.net]

          PoS suffers from the nothing at stake problem. In other words, computing a new state from scratch costs nothing. Participants are incentivized to compute the state that is the most advantageous.

          Real world implementations handle this issue with a node more equal than the others.

          In other words PoS is not an innovation, PoS is the software implementation of Plutocracy!

        • Re: (Score:2)

          by EvilSS ( 557649 )
          Pretty sure they are done “testing” them and are selling them while tge selling is still good.

      • Nah. Ethereum ASICs are finally coming onto the market which will eventually make GPUs completely unprofitable

        The people who bring this to market will mine with these for months before they start selling them. They'd be idiots not too. So don't expect to buy one anytime soon.

        • Re: (Score:2)

          by EvilSS ( 557649 )
          Why do you think they are starting to sell them now, right before a profitability drop and close to PoS. They have been wrung and now time to dump them.

    • Please stop. Crypto is a market driver. High demand for GPU is a legitimate use case for technology serving legitimate customers. You sound like you work at the USPS, complaining about how business would be great if it weren't or all those pesky customers slowing things down.

      If there is high demand, companies will make more GPU. Let the market handle the situation, but you keep on whining.

      As for global warming, this argument just won't ever get any traction. Oh no! Some people are using electricity for a us

  • The red ones, which were very popular, are declining. Now everyone wants yellow.

  • Bitcoin's nothing special, the scammers and gamblers will migrate wherever they believe the most potential lies for a quick buck.

    • Re: (Score:1)

      by Anonymous Coward

      Bitcoin's nothing special, the scammers and gamblers will migrate wherever they believe the most potential lies for a quick buck.

      Yup; if anything, people will eventually stop listening to all the Bitcoin/other cryptocoin cultists' echo chamber arguments, come to realize that there's really nothing special them, and the prices for all *coins will be pretty much the same (either they'll climb to Bitcoin's level, or Bitcoin will crash to other altcoins' levels).

  • The dollar also has a huge environmental footprint but it is indirect. Because the dollar is based off of debt, the economy needs to be constantly growing, using ever more environmental resources. Hard concept to explain but try here: https://youtu.be/4AC6RSau7r8?t... [youtu.be]

    • Re: (Score:2)

      by Anonymous Coward

      The difference is the dollar is on average based on actual, useful work. #twatcoins are just pissing valuable energy and resources into the environment. Looking forward to their inevitable ban.

      • I find being a crypto dick is most popular with the Tesla crowd and the fake environmentalism crowd. The same people always seem to equip themselves with new, can we call these people what they are, attention seeking consumers.
  • Ether isn't as crypto coin but a digital token. Meaning, an infinite number of them can be created.

    Say, the government feels the U.S. dollar's dominance is threatened by this crypto-currency. They simply arrest the founders and put them solitary confinement until they cough up the private key. Hence they simply create a gazillion ether coins and that's the end of it.

  • WE DO NOT CARE (Score:4, Insightful)

    by MikeDataLink ( 536925 ) on Monday May 03, 2021 @03:58PM (#61343102) Homepage Journal

    Seriously. Please stop turning Slashdot into Cryptodot. We don't care.

    • It's hard to boycott commenting on crypto stories without commenting on crypto stories, but I guess people have to make a visible stand some time.

      I'm just going to boycott all crypto stories from now on.

  • The rise of Ether suggests there's room for more than one winner among digital tokens as the sector evolves.

    No it doesn't. What it suggests is that we're in for a digital crypto dystopia where some people only accept Bitcoin and some people only have their funds in Ether and some dipshit will force you to convert to Dogecoin for no reason other than he thinks it's funny--we're all looking at you, Elon--and then you'll have to have some sort of third-party exchange sitting in the middle making profit off of arbitrage and tell me how this is better than government backed fiat currency again?

  • There's no way ETH is worth the $3,299 it is at the time of this posting. It makes no sense. If you know anything about what Ethereum and its more-prominent ERC20 projects (such as OmigeGO) promise for the future, you'll realize that it can do some really great things . . . eventually! If the EF would hurry up with stuff like sharding and full PoS, plasmas, and other crap that'll get txn rates much, much higher than they are today.

    But a market cap of $381 billlion? No way. I figured ETH would top out at

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