2020-1-23 23:00 |
Bitcoin is regarded by many as the world’s top performing asset class, but the king of crypto might have an unexpected competitor in the face of Tesla stock (TSLA), as is market cap breaks $100 billion today. Tesla Becomes First Publicly Listed US Carmaker to Cross $100B Mark On Wednesday, the share price of Tesla enjoyed another significant rally amid a general bullishness in the US stock market. The stock has gained over 8% since the opening of the session, with the market capitalization crossing the $100 billion mark for the first time in its 17 years history. Thus, Elon Musk’s company became the first publicly traded American carmaker to cross that line, currently fluctuating at around $103 billion. Tesla stock, listed on NASDAQ with the ticker TSLA, is trading at $592.11 right now, and it’s still surging. The share price started the year at $430, suggesting that the year-to-date return is over 35%. For comparison, Bitcoin has increased by 20% for the same period. Now Tesla is valued more than Ford and General Motors combined. The company has already surpassed Volkswagen as the second-largest carmaker by market capitalization in the world. The next target is Toyota, which is by far the largest auto manufacturer, with a market value slightly over $200 billion. But, according to a Wall Street analyst, that is achievable in the coming years. Pierre Ferragu of New Street Research said that Tesla’s price target for the next 12 months is $800. By 2025, Tesla might become the largest carmaker in the world. The company will be able to deliver up to 3 million cars per year during the next five years, which help its stock surge to $1,100 or even $1,700. This suggests a market cap between $250 and $530 billion. Can Bitcoin Keep the Pace? Tesla’s rally began in June last year, while Bitcoin started in the spring. In the last six months, Musk’s company has gained over 130%, while Bitcoin has a negative return. For 2019 as a whole, Bitcoin almost doubled, while Tesla gained over 40%. However, TSLA seems to be on fire right now and can update the peaks amid ongoing optimism. The market values of both assets are also comparable, with Bitcoin’s total capitalization keeping above $150 billion. Last week, we reported that ARK Invest CEO Cathie Wood voiced a bold prediction for Tesla, anticipating the stock price to surge to $6,000 in the next five years, which will make it a trillion-dollar giant. In this scenario, Bitcoin might lose the competition if it doesn’t stick to the price-performance predicted in the stock-to-flow model, which sees the asset breaking 6 figures in the near future. It remains to be seen whether Wood’s scenario will work, but the certain thing is that the race between these assets will be interesting to watch over the next 5 years. Do you think Tesla will perform better than Bitcoin? Share your thoughts in the comments section! Image via Shutterstock The post appeared first on Bitcoinist.com.
Similar to Notcoin - Blum - Airdrops In 2024
TeslaCoilCoin (TESLA) на Currencies.ru
|
