Bitcoin even goes beyond Tesla's market cap for a short time as bulls suggest the upwards momentum is not done even at $40,000. Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD quickly rise to recapture the psycholigically significant price level during trading on Friday. After a 9% fall following runs to all-time highs the day before, Bitcoin managed to stay lower only for a matter of hours before bullish momentum returned. Thereafter, the largest cryptocurrency not only matched its all-time highs, but delivered a new one — $40,087. If Bitcoin hits the key level of $53,000, it will surpass the psychological $1 Trillion market cap.
A Bitcoiner with the username Onnar posted they had lost access to 2.6 Bitcoin (BTC) — roughly $96,400 at the time of publication — while attempting to transfer a wallet to a new computer purchased over the holidays. The user claimed to have formatted the drive of their old system without double checking whether the password manager still contained the password needed to access the private keys.
“I go to my password manager to grab it and... it’s not there,” said Onnar. “No mention of a BTC password anywhere to be found. I spend the next 30 mins rechecking and rechecking, but it's not there." The Redditor admits the mistake is “100% my fault” because they did not confirm the files could be decrypted before wiping the disk. Onnar theorizes that the password was copied to the password manager, but not automatically saved.
More people are searching for the word “Ethereum” now than ever before in its history. Google Trends reveals that the number of Google searches currently being performed for “Ethereum” is at an all-time high, eclipsing search interest during the height of the last ETH bull run.
Ethereum’s previous peak in search term popularity was on Jan. 13, 2018 — the date of ETH’s all-time high of $1,432.88. Historically considered a “folk metric,” a rising Google Analytics interest score for a crypto search term is associated with positive sentiment for that particular coin/project.
Seasoned Bitcoin (BTC) investors know that the crypto market trades in cycles, and now that BTC price has surpassed its previous all-time high, a full-on bull cycle is underway.
For the average investor who is looking for a more simplified approach, multiple studies have shown that dollar-cost averaging Bitcoin purchases has provided a return on investment that most funds would boast about. This buy and hold strategy is a tried and true method for investing in Bitcoin but not every investor is comfortable putting a bulk amount of money into an asset as volatile as Bitcoin.
Dollar-cost averaging (DCA) is a well known investment technique that investing greats like Warren Buffet have touted as a way to invest in volatile markets. Although the “Oracle of Omaha” was specifically referring to the purchase of large index funds, the same truth carries over to crypto.
This Daily Dose was brought to you by Decentralize.today