Marathon Digital Holdings (NASDAQ: MARA) witnessed a significant uptick in its stock value, climbing 4% on Tuesday. This surge aligns with the ongoing upward trajectory of Bitcoin prices.
Bitcoin broke out from its recent trading range on Monday, extending its rally into Tuesday as it surpassed the $57,000 mark, marking its highest level in more than two years.
The surge in Bitcoin’s value appears to be fueled by a combination of factors, including heightened demand following the approval of spot exchange-traded funds (ETFs) and anticipation surrounding April’s halving event.
Several Bitcoin mining stocks have outperformed Bitcoin itself in recent weeks, potentially driven by better-than-expected earnings. CleanSpark (NASDAQ: CLSK) saw its stock skyrocket following robust earnings reported earlier this month.
Riot Blockchain has reported record-breaking revenues and Bitcoin production in its recent earnings report. Meanwhile, Marathon Digital (MARA) is gearing up to release its earnings report after Wednesday’s market close.
Marathon Digital (MARA) made waves last week with the launch of Slipstream, a new service facilitating direct Bitcoin transaction submissions. Slipstream will expedite confirmations, particularly for sizable or unconventional Bitcoin transactions.
Marathon Digital (NASDAQ: MARA) Stock Performance
MARA stock surged 3.84% to close at $30.31 on Tuesday. The traders had exchanged hands with 116,129,538 (116.12 million) shares compared to the average daily trading volume of 80.90 million. The market capitalization of MARA stands at $6.75 billion.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
