Tesla turns tables on Bitcoin as 2023 gains outpace BTC price comeback

Bitcoin (Bitcoin) could rise 16% in 2023, but one stock that outperformed last year is getting revenge.

data from Cointelegraph Market Pro When TradingView Despite all its newfound strength, Bitcoin is still catching up.

Tesla is up almost 25% from January lows

Tesla continued to make headlines throughout 2022, with its share price soaring and headlines. unwind steadily.

Tesla (TSLA) has so far recovered almost 25% since Jan. 6, even though CEO Elon Musk made history with his personal fortune loss.

TSLA/USD 1 Hour Candlestick Chart (NASDAQ).Source: Trading View

With inflation falling in the US and the price of safe-haven gold surging, there is no doubt that the setting is set for a broader risk asset rebound.

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After seeing a severe loss of nearly 65% ​​year-on-year, BTC is also eyeing growth potential, falling below $16,500 in 2023.

A local high of $19,112 on Bitstamp marked a new year-to-date return of 16.8%. It’s a refreshing change for Hodler.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

Nonetheless, analysis continues to focus on the broader correlation between the two assets.

“Crypto has been heavily correlated with technology for the past few years, but the BTC chart overlaid on TSLA is actually crazy,” said popular Twitter account Bluntz. commented In the combined chart at the beginning of the month.

A one-week candlestick chart of BTC/USD vs. TSLA/USD.Source: Trading View

Tesla still a ‘buy’ for ARK

Not everyone cares which horse wins the race in the short term.

Related: 13% of BTC supply is profitable as Bitcoin sees ‘massive’ accumulation

Earlier this month, asset management giant ARK Invest, known for its bullish stance on Bitcoin, added TSLA to its holdings.

January 11th, Ark purchased Over 22,000 shares recently added to the portfolio.

As reported by Cointelegraph, ARK gained attention in recent months Thanks to increased exposure to the Grayscale Bitcoin Trust (GBTC), troubled Bitcoin institutional investors transaction so Huge Discounts on Bitcoin’s Spot Price.

GBTC premium vs. holdings vs. BTC/USD chart.Source: Coinglass

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