Marathon Digital stock price gains as crypto market moves higher

As an experienced analyst, I believe Marathon Digital Holdings (MARA) and Coinbase Global, Inc. (COIN) are poised for further gains based on recent market trends and developments. The surge in Bitcoin price above $63k and the subsequent rise of crypto stocks is a clear indication of investor confidence in the digital asset space.

As a financial analyst, I’d rephrase it as follows: I noticed a significant surge in Marathon Digital Holdings Inc.’s (MARA) stock price, with an increase of over 11% around midday on Monday. This uptick mirrored the broader crypto market rally, which was fueled by Bitcoin‘s (BTC) impressive gains during that period.

After facing resistance from bearish forces due to selling from mining companies and governments, bitcoin’s price surpassed $63k on July 1st. Although bitcoin later retreated below this level, the optimistic feeling that had influenced altcoins also impacted the crypto stock market.

As a crypto investor, I’ve noticed that Bitcoin was trading near the $63,182 mark at the moment I’m writing this, representing a 2.8% increase over the previous 24 hours. According to analysts’ predictions, we might witness a rebound for Bitcoin during July.

MARA and COIN stocks surge

At 12:30 pm ET on July 1, market data showed shares of Marathon Digital was up 11% to $22.01.

As a crypto investor, I’m thrilled to share that last week, the stock of the Bitcoin miner surged past the $20 mark following the announcement of their new mining venture for Kaspa (KAS). Today’s gains have positioned the stock to challenge the highs it reached in May and March this year. Interestingly enough, those previous highs coincided with significant price movements for Bitcoin itself, which hit an all-time high above $73k in March.

When MARA stock experienced a significant increase of over 10 percent, the share price of Coinbase Global, Inc. (COIN) surpassed $230. At present, the crypto company’s stock was experiencing a gain of approximately 4%, bouncing erratically due to news surrounding Coinbase Prime.

Starting from July 1, Coinbase Prime was officially designated by the U.S. Marshals Service as their digital asset custodian and advanced trading partner.

As a researcher studying the market trends, I’ve observed that COIN has experienced a growth of 47% so far this year, which is slightly more than Bitcoin’s increase of 43% during the same timeframe.

RIOT stock up but continues to underperform BTC

In other news, Riot Platforms, Inc. (RIOT) experienced a 5% increase in value on that day, recovering from the downturn caused by market pressure. On June 13, the stock was priced at $10.98. However, during its attempt to acquire rival Bitfarms, RIOT’s shares dipped as low as $9.03.

Riot’s stock has dropped by 37% so far this year, lagging behind Bitcoin and the S&P 500 which have gained over 15% as of 12:30 pm ET on Monday. Bitfarms’ stock also saw a minimal loss.

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2024-07-01 20:28