Data from Cointelegraph Markets Pro and TradingView shows that for all of its newfound strength, Bitcoin is still playing catch-up.
Tesla is up nearly 25% from its January low
Tesla made headlines throughout 2022 as its rapid rise to prominence — and stock price gains — steadily faded.
Even though CEO Elon Musk is making history with his personal fortune losses, Tesla (TSLA) has so far recovered nearly 25% since Jan. 6.
1-hour TSLA/USD candlestick chart (NASDAQ). Source: TradingView
Amidst a climate of declining inflation in the United States and rising gold prices as a safe haven, the stage can be said to be set for a recovery in risky assets on a larger scale.
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After seeing grim year-on-year losses of nearly 65%, BTC is also desperately eyeing the growth potential, having started 2023 down below $16,500.
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Local highs of $19,112 on Bitstamp posted a new year-to-date return of 16.8% — a refreshing change for traders — but trailing TSLA in terms of dips to highs as of January 12th.
BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView
However, the analysis continues to focus on the broader relationship between the two origins.
Popular Twitter account Bluntz commented on a chart shared earlier in the month: “Cryptocurrency has been largely associated with technology over the past few years, but the chart of BTC overlaid on TSLA is actually insane.”
BTC/USD vs TSLA/USD 1 week candlestick chart. Source: TradingView
Tesla is still “buying” for ARK
Not everyone cares which horse will win the race in the short term.
Related: 13% of Bitcoin Supply Returns to Gain as Bitcoin Sees ‘Huge’ Accumulation
This month, ARK Invest, the asset management giant known for its bullish stance on Bitcoin, added TSLA to its holdings.
On January 11, ARK purchased more than 22,000 shares in its latest addition to its portfolio.
As Cointelegraph reported, ARK has been turning around in recent months thanks to its increased exposure to Grayscale Bitcoin Trust (GBTC), a Bitcoin institutional investment vehicle that trades at a significant discount to the Bitcoin spot price.