MARA Stock Price Soars: Is Marathon Digital a Buy Now?
• Marathon Digital stock price surged to the highest level since November 2022 due to Bitcoin’s rebound and TradFi activity.
• MARA shares jumped to a high of $12.75, meaning it has soared by more than 319% from the lowest level in December.
• The future price action of MARA will depend on whether Bitcoin moves above $31,000.
MARATHON DIGITAL STOCK PRICE SOARS
The Marathon Digital share price has soared to its highest level since November as Bitcoin and other cryptocurrencies roared back. MARA shares jumped to a high of $12.75, meaning it has soared by more than 319% from the lowest level in December.
DRIVING FACTORS BEHIND THE SURGE
The main reason behind this surge is that Bitcoin prices neared their highest point this year as the crypto fear and greed index moved into the greed area. This trend is mainly attributed to “TradFi”, where traditional finance companies move into the crypto industry. For instance, Blackrock applied for iShares Bitcoin Trust with SEC and large banks such as Deutsche Bank and Credit Agricole have received their custody license.
FUTURE PRICE ACTION OF MARATHON DIGITAL
Future price action of Marathon Digital stock will depend on whether Bitcoin moves above $31,000 or not. This is an important level since it is the upper side of the double-top pattern which could be invalidated if it rises past that point.
IMPACT ON OTHER BITCOIN MINING COMPANIES
Other bitcoin mining companies in the industries like Riot Platform and Hut 8 Mining also saw a surge in their share prices due to increased demand for Bitcoin driven by TradFi activities mentioned above.
In conclusion, Marathon Digital stock price surged because its business thrives when Bitcoin does well; Future price action will depend on whether Bitcoin moves above $31,000 or not; Other bitcoin mining companies also saw a surge in their share prices due to increased demand for cryptocurrencies; And tradfi activities are driving these changes in cryptocurrency prices and stocks alike