Bitcoin, no doubt, has been doing quite well as of late. The currency rose as high as $12,400 early yesterday morning, but it’s still second when compared with Tesla stock.
Tesla Still Beats Bitcoin in Many Ways
It goes to show you that Elon Musk, the CEO of Tesla, possesses some sort of power that very few of us will ever understand. According to Trading View, a site that allows you to monitor the movements of your favorite stocks, cryptocurrencies and assets, Tesla stock still holds the number one position when it comes to investor and trader interest and garners the most views. Bitcoin holds the second-highest position.
The car company has experienced massive gains since early April. While many other stocks and companies have fallen during the peak of the coronavirus pandemic, Tesla has exhibited different behavior, incurring heavy surges that appear to have just come out of the blue. After a short period of “taking it easy” – the stock hasn’t jumped much over the past few weeks – Tesla shares took off on Monday following an adjustment to the stock’s one-year price target.
FX Pro senior analyst Alex Kuptsikevich explains some of the data surrounding the growth of Tesla:
Interest in Tesla and bitcoin are growing due to fear-of-missing-out (FOMO) private investors, who are increasingly willing to join the success story. This is almost like a rookie game against the pros. Professionals do not see the ‘business’ in bitcoin and massively short Tesla, a company that accrued massive losses for years and has a tiny share on the overall car market. It appears incredibly overbought by most multipliers and indicators.
Still, despite the relatively negative sentiment, it cannot be denied that Tesla is doing something right. The company has added more than 400 percent to its overall value since the first month of 2020. Bitcoin, by contrast, has only added about 70 percent to its value, so while bitcoin may look the best on paper given its present price of more than $12,000, it still doesn’t compare with the car company.
What Else Joined the Ranks?
In a post detailing its findings, Trading View mentioned:
Tesla stock is the most viewed asset in America. Our data shows that throughout July, Tesla was the most viewed stock in 31 states. Bitcoin was not far behind. Since the start of the year, Tesla’s stock has almost tripled in price… Our findings also show that the southeast favors Forex and the west coast states of California, Washington and Oregon lean towards bitcoin. The west coast loves crypto the most.
Behind Tesla and bitcoin was Boeing stock, which currently ranks third with Trading View. Despite the airline industry incurring massive drops in profit during the coronavirus pandemic, the top ten is still widely populated with airplane and flight stocks including American Airlines, which rounded out the list in the tenth spot.