Tesla turns the tables on Bitcoin as 2023 overtakes BTC price comeback

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Bitcoin (BTC) may have risen 16% in 2023, but a stock it outperformed last year is now getting revenge.

Data from Cointelegraph Markets Pro and TradingView shows that despite all its newfound strength, Bitcoin is still catching up.

Tesla up nearly 25% from January low

Tesla has been in the headlines throughout 2022 as its rapid ramp-up and stock price gains have steadily unfolded.

Although CEO Elon Musk made history with his personal wealth losses, Tesla (TSLA) has so far recovered nearly 25% since Jan. 6.

TSLA/USD 1 hour candle chart (NASDAQ). Source: Trading View

In a climate of falling inflation in the United States and a surge in the price of safe-haven gold, the stage is undoubtedly set for a broader rebound in risk assets.

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After posting grim losses of nearly 65% ​​year-over-year, BTC is also watching closely for growth potential, having started 2023 with a decline 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 January 12.

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

Nevertheless, the analysis continues to focus on the broader correlation of the two assets.

The crypto has been widely correlated with technology over the past few years, but the BTC chart overlaid on TSLA is actually crazy, popular Twitter account Bluntz commented on a combo chart earlier in the month.

BTC/USD vs TSLA/USD 1 week candle chart. Source: TradingViewTesla always a buy” for ARK

Not everyone cares which horse will win the race in the short term.

Related: 13% of BTC Supply Returns to Profit as Bitcoin Sees Massive Accumulation

This month, ARK Invest, the asset management giant famous for its bullish stance on Bitcoin, added TSLA to its holdings.

On January 11, ARK purchased over 22,000 shares in its newest addition to its portfolio.

As Cointelegraph reported, ARK has been turning heads in recent months thanks to its growing exposure to the Grayscale Bitcoin Trust (GBTC), the beleaguered Bitcoin institutional investment vehicle that trades at a premium to the price at counting bitcoin.

GBTC premium to assets held versus BTC/USD chart. Source: Coinglass

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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