In the last decade, the gains in crypto assets made a huge wave of hysteria and criticism around the world. Bitcoins’ decade gain was beyond anyone’s imagination with prices below $0.1. The beginning of 2020 has been bullish with a swift rise above $9000 as well. However, there is one stock that has been making all the waves.
Tesla, led by famed entrepreneur and innovator, Elon Musk, has gained 85% since the beginning of the year.
The parabolic gains in Tesla has risen the stock to a 2.5X in value from $225 in October 2019. As recently reported on Coingape, Tesla rose to new ATH at $650 riding over short squeezes. The price of the stock continues to soar to new highs, currently at $780.
On the other hand, the year-to-date gains in Bitcoin is 30.2%. Traders are still waiting for their long orders to yield $10k. However, bears continue to show their presence on shorter time frames forming a parallel range between $925x and $951x.
While there have been attempts at a break-out, the price has failed to consolidate above the or below the range. Crypto and derivatives trader, XC, tweeted on the massive volatility yesterday, forming a huge shooting star on the daily chart. He tweeted,
Daily closing as a nasty failed breakout with 92 previous high support taking a beating. Are we finally about to see a range breakout? $BTC
Do you think Bitcoin will reach $8000 or 10,000 first? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com