The altcoin news and rumors today show that Bitcoin (BTC) is not the best performing asset of 2020. In fact, the biggest gains seen on the market account to Tesla which traders on the NASDAQ ticker TSLA as the asset which can actually claim this title.
As the Quantum Economics’ expert (and a former eToro analyst) Mati Greenspan recently said, the price of Tesla surged higher by 12% in after-hours trading on Wednesday due to a stellar earnings report. As such, it is “ahead of BTC by a hair” and TSLA is up by 38.77% in the past 30 days while Bitcoin is up by relatively mild 30%.
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) January 29, 2020
The extremely strong performance by the electric car giant has brought Tesla (TSLA) and its valuation above the one of the automobile incumbents Volkswagen and Ford as per Google data. This has many asking the following questions: What is behind Tesla’s major performance and can these gains continue?
According to many, this is entirely possible. There was a big time in 2019 when a lot of analysts thought that Tesla is on a downward spiral mainly because of the release of the Model 3 which was very slow. Musk was also in the midst of some troubles with the SEC and a couple of tweets that he made.
However, Tesla (TSLA) outgrew all of this and surged around 240% since its bottom at $180 in June of last year. As of the time of writing this article, the shares of the company are valued at $648 while the official price remains $580. Tesla traded 12% in the after-hours session and added 5% on Wednesday.
This latest rally has been attributed to many factors. The biggest one is the company Q4 earnings report which topped the expectations of Wall Street. Tesla reported that its revenue rose to $7.4 billion and is up by 2% year-on-year for the quarter. The number of Teslas sold also surged and hit 367,500.
According to many, TSLA is now outperforming Bitcoin and there is a chance that the leading cryptocurrency can outpace Musk’s brainchild.
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