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⚡Bitcoin Overtakes Tesla🚘

Croxroad

11 Nov 2023 — 3 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

✅ BTC Trumps Tesla

Bitcoin has just leapfrogged ahead of Tesla in terms of overall market value. Right now, Bitcoin is flaunting a market value of about $730.90 billion while Tesla, the electric vehicle juggernaut, is holding strong at $675.61 billion. This means that Bitcoin is back in the spotlight, reclaiming its position as the reigning champ.

Over the past five days, Bitcoin has been on a thrilling ride, starting at $34,630 and soaring to a high of $37,962, marking an impressive 7.77% increase. On the flip side, Tesla's stock opened at $219, briefly hitting $226 but eventually dropping to $205, reflecting a 4.65% decrease. Zooming out to a one-month view, the difference is stark. Bitcoin’s journey from a low of $26,550 to a high of $37,962 showcases a remarkable 36.21% gain. Meanwhile, Tesla took a hit, opening at $263 and plummeting to $194, marking a significant drop of 20.44%. Recent shifts in Tesla’s stock, like the 5% decrease post a sell rating from HSBC, have raised eyebrows. On the other hand, Bitcoin's soaring due to the buzz around an impending Bitcoin exchange-traded fund (ETF). But sceptics like JPMorgan are cautioning, hinting that the crypto hype might be stretched. Bitcoin's eyeing the market caps of giants like Nvidia, Meta Platforms (Facebook), and Berkshire Hathaway, but with a current market cap of $730.90 billion, it's a way off from its peak of $1.28 trillion achieved last October.

🏖️ $1B Profit with Bold Bitcoin Move

MicroStrategy, led by Michael Saylor, hit the jackpot as the soaring Bitcoin prices catapulted their holdings to over $1.1 billion in unrealized gains, a whopping 25% more than what they initially put in. With a stash of over 158,000 bitcoins valued at $5.7 billion by late Thursday, this surge happened as Bitcoin broke the $37,000 mark for the first time since May 2022. Saylor, who's a big fan of Bitcoin and often tweets his support, orchestrated this move over three years by funnelling company funds and proceeds from bond sales. Now, these Bitcoin holdings make up more than 80% of MicroStrategy's $7.1 billion stock market capitalization. Quite the winning hand they're holding!

MicroStrategy's Bitcoin holdings, totaling $4.6 billion, stand out as the largest among public entities in the Bitcoin game, dwarfing even the next big player, Marathon Digital, whose 13,000 bitcoins amount to $500 million at current rates. MicroStrategy last added to their pile just before September 24, snagging 5,445 bitcoins for around $150 million, averaging at $27,053 each. The recent surge in Bitcoin's value rides on the hope that U.S. regulators will give the green light to Bitcoin exchange-traded funds (ETFs). This approval is expected to trigger a flood of investments into the leading Digital currency, further driving its value skyward.

🦼 RSI

RSI stands for Relative Strength Index, and it is a momentum oscillator commonly used in technical analysis to assess the overbought or oversold conditions of a financial asset, such as stocks, cryptocurrencies, or commodities. RSI is represented as a numerical value that ranges from 0 to 100, with high and low thresholds typically set at 70 and 30, respectively.

The RSI measures the speed and change of price movements. When the RSI is above 70, it is often considered overbought, suggesting that the asset may be due for a price correction or a trend reversal to the downside. Conversely, when the RSI is below 30, it is considered oversold, indicating that the asset may be primed for an upward correction or a trend reversal to the upside.

Traders and analysts use RSI to identify potential entry and exit points in the market and to gauge the strength of a price trend. It's a valuable tool for making informed trading decisions and is often used in conjunction with other technical indicators and analysis methods.