Cryptocurrency is riding high as one of the biggest innovations coming out of the tech world. From Bitcoin and Ethereum all the way to the infamous Doggecoin, people are starting to pay attention to alternative currency. This past Summer financial advisers and coin miners around the world watched in awe as the cryptocurrency market exploded with success. Most recently we saw the currency fork of Bitoin and Bitcoin Cash drive up prices higher than they ever have been before. A recent history recap by the team at CoinMarketCap revealed that the value of all cryptocurrency combined is at the highest it has ever been: $126 BILLION.
Bitcoin is the oldest cryptocurrency on the market and also the most popular. As such, cryptocurrency market trends tend to follow what Bitcoin is doing. The recent currency fork drove more capital into the BTC marketplace which drove up the value of an individual coin and thus the entire value of the marketplace. Over a week’s span Bitcoin shot up to a value of over $3,000 — a new high for the oldest currency around. This rise amounted to an almost 20% increase over the Friday to Friday measurement, from $2854 to $3,500 in only a couple of days.
As cryptocurrency becomes more and more mainstream it means that more people will become interested in mining coins for themselves. The driving force behind successful bitcoin mining requires a strong computer set up and great hardware from companies like Nvidia. It should come as no surprise that Nvidia is fully behind the rise of cryptocurrency. Nvidia CEO Jen-Hsung Huang came out with strong words for the marketplace by saying, “Cryptocurrency and blockchain are here to stay. It is very clear that new currencies will come to market.”
Nvidia has been moving wholesale to embrace the cryptocurrency marketplace and as a result their business has been booming. Nvidia has become something of a tentpole within the bitcoin community. However, not all hardware developers are as on board with cryptocurrency as Nvidia is — including rival AMD.
AMD is Nvidia’s largest rival and they are taking up a different stance toward the crypto marketplace. AMD CEO Lisa Su heavily implied that she doesn’t believe in catering to the cryptocurrency crowd. Su advised a ‘wait and see’ approach in order to watch as new developments approach. Still, AMD might not want to wait too much longer — the market is here and it is booming.