Bitcoin is getting some serious competition from Tesla this month.
Tesla up almost 25% from January lowsteadily unwoundDespite CEO Elon Musk making history with his personal wealth losses, Tesla has so far recovered by almost 25% since Jan. 6.Amid an atmosphere of declining inflation in the United States and a surge in the price of safe-haven gold, the stage is arguably set for a broader risk asset rebound.After seeing grim year-on-year losses of nearly 65%, BTC is also keenly eyeing the potential for growth, having begun 2023 with a dip below $16,500.
Local highs of $19,112 on Bitstamp marked new year-to-date returns of 16.8% — a refreshing change for hodlers — but behind TSLA in terms of lows to highs as of Jan.12.Nonetheless, analysis continues to focus on the two assets’ broader correlation. “Crypto has been largely correlated to tech for the last few years but the BTC chart overlayed on TSLA is actually crazy,” popular Twitter account BluntzBTC/USD vs. TSLA/USD 1-week candle chart. Source: TradingViewNot everyone is concerned about which horse wins the race in the short term.This month, ARK Invest, the asset management giant famous for its bullish stance on Bitcoin, added TSLA to its holdings.
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