After massive gains – Tesla’s stock price now looks just like bitcoin’s mega rally in 2017

Feb 04, 2020

Bitcoin is the world’s biggest cryptocurrency – but nowhere near as large as it was at the end of 2017. At that time, the cryptocurrency traded for just over $20,000, more than twice the current price of about $9,200.

The high bitcoin price at the end of 2017 was the result of a  bull market that took the cryptocurrency from price levels of $1,000 to the record listing in less than six months.

Now it seems that a certain stock is making a similar journey, Cointelegraph reports.

The stock price follows bitcoin’s greatest year

The company? Tesla. The stock price of the Elon Musk-led electric car manufacturer has gone from below $200 in June to trading for about $780 as of today.

The comparison was first made by crypto investor Mike Novogratz, who on Monday tweeted out a chart that puts the two price developments side by side.

Hardly a good time to buy

So, is this a good time to buy shares in Tesla? The answer is probably no, at least if the stock continues to follow the trendline of the bitcoin price.

The bitcoin price fell like a stone in 2018. At the end of the year, the world’s biggest cryptocurrency was traded for just $3,100, Cointelegraph writes.

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