Ethereum loses nearly a quarter of its value over the past week

Shawn Knight

Posts: 14,127   +154
Staff member
Why it matters: Ethereum is one of the few major cryptocurrencies that is still viable to mine using GPUs, but that’s expected to change later this year when it shifts to a proof-of-stake model. At that point, we may finally see miners abandon high-end GPUs which could help stabilize the market for gamers. But with the chip shortage and supply chain issues still looming, don’t expect to see the tide shift overnight.

The second largest cryptocurrency by market cap has lost nearly a quarter of its value over the past week.

Ethereum reached a seven-day high of $3,879 on January 4 before shedding several hundred dollars in value the following day. By Monday morning, Ethereum had dipped to around $2,939 before recovering slightly to $3,044.13 where it sits as of this writing. The high on Wednesday to the low earlier today translates to a 24.23 percent drop in value.

Ethereum reached its all-time high in early November 2021 when it topped out at $4,865.57. In just three months, the crypto has lost a hair over 37 percent of its total value.

It’s a similar story for other cryptocurrencies as well, although the losses aren’t quite as extreme. Bitcoin is down about 12 percent on the week, from a high of around $47,359 to roughly $41,515. Bitcoin Cash has lost approximately 18 percent of its value over the past several days while Litecoin is down a little over 17 percent.

Of course, this sort of ebb and flow has become par for the course in the cryptocurrency space and has resulted in plenty of big winners and losers over the years.

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Dimitriid

Posts: 2,203   +4,240
Again more claims of early victory only give people false hope that they're just about to be able to get a GPU. Don't listen to news like this, it will recover fully within the next 2 to 3 weeks.

Just don't expect anything under double MSRP for *ANY* GPU for all of 2022.
 

Burty117

Posts: 4,488   +2,694
"It's expected to change later this year when it shifts to a proof-of-stake model."

I'm sure they've been saying this for years now, I'm sure Techspot themselves reported exactly this for the last couple of years at least.

Does anyone have any info on why it keeps being delayed?
 

NightAntilli

Posts: 900   +1,176
And despite losing a quarter of its value, how much is it up compared to January last year...? Using the HIGHEST value in January 2021 compared to the LOWEST value in January 2022... It's up 95%.
 

Vulcanproject

Posts: 1,520   +2,767
The main advantage of big banks when there was a steep market crash? High windows.

With crypto people don't get that easy opportunity to jump. Lives are saved. Crypto rebounds. You have to decide if that is a net positive.
 

Kosmoz

Posts: 600   +1,110
Fools are those believing click bait titles and articles.

Have you not learned by now that you can't predict crypto unless you are yourself part of the 1% in the know, the inside people that actually control it?

Meh, so many gullible people hanging on hopes and dreams. The pre-2020 world state will never come back, in any and all aspects of life. The sooner you accept that, the better for you...
 

Nobina

Posts: 3,775   +4,196
"It's expected to change later this year when it shifts to a proof-of-stake model."

I'm sure they've been saying this for years now, I'm sure Techspot themselves reported exactly this for the last couple of years at least.

Does anyone have any info on why it keeps being delayed?
I don't know the cause for the delay but imagine thousands of people making lots of money off of it and you're supposed to pull the plug on that. Some of them will have a problem.
 

Peter Farkas

Posts: 604   +464
I am not sure how this may help gamers in getting GPUs. I already see plenty of talk on Reddit from miners who will switch to other coins, like Raven, once PoS is released on the Eth network.
 

Nobina

Posts: 3,775   +4,196
I am not sure how this may help gamers in getting GPUs. I already see plenty of talk on Reddit from miners who will switch to other coins, like Raven, once PoS is released on the Eth network.
Some will swtich some will surely give up. Anything helps, even though I wouldn't like to buy a used GPU that was mining 25 hours a day cranked up to eleven.

My gut feeling is that ETH and BTC will somewhat recoveras they did many times before.
 

Theinsanegamer

Posts: 3,360   +5,586
Some will swtich some will surely give up. Anything helps, even though I wouldn't like to buy a used GPU that was mining 25 hours a day cranked up to eleven.

My gut feeling is that ETH and BTC will somewhat recoveras they did many times before.
They'll absolutely recover.

See, crypto is following a large rmarket trend here: Every winter, stocks tank, because retirement systems require you to cash out a small amount of investment every year, and everyone waits for the end of the year to do it for various reasons. So every winter, we see a investment dip. Crypto has become an investment item for a growing number of people, and for old/big money, crypto is treated like any other stock.

t'll recover, easy.
 

wiyosaya

Posts: 7,694   +6,633
See, crypto is following a large rmarket trend here: Every winter, stocks tank, because retirement systems require you to cash out a small amount of investment every year, and everyone waits for the end of the year to do it for various reasons. So every winter, we see a investment dip. Crypto has become an investment item for a growing number of people, and for old/big money, crypto is treated like any other stock.
As I see it, that is only part of the reason that stock/mutual fund prices tank at the end of the year. A big portion of that is that many of those same stocks/mutual funds pay out dividends which subsequently results in a share price dip.
 

AMDGeForceRX3090

Posts: 93   +101
I always find it funny when people tease ETH turning proof of stake will suddenly make GPU's available. There's a semiconductor shortage and scalpers use bots to buy everything in demand from every crappy shop like amazon that don't care about regular Joe's getting a chance at a card.

And even then, when Ethereum goes POS people will switch to Sero, Flux, Equilibria, Ryo, Zano, Conceal, Ravencoin, Conflux, hell even Ethereum Classic.