Marathon Digital nasdaq Mara Stock Rides Bitcoin Boom Surges 10

Marathon Digital (NASDAQ: MARA) Stock Rides Bitcoin Boom, Surges 10%

Marathon Digital Holdings (NASDAQ: MARA) stock soared over 10% on Friday as Bitcoin (BTC-USD) surpassed $47,000 per token for the first time since March 2022, delighting digital currency investors.

Bitcoin is making waves with its high token prices and widespread popularity. This not only impacts Bitcoin itself but also has a ripple effect on other cryptocurrencies and the stocks associated with them.

Marathon Digital (MARA) stock witnessed a significant surge on Friday, thanks to Bitcoin recovering lost ground. Traders are optimistic about Bitcoin surpassing its all-time high of over $65,000 in 2021.

Sylvia Jablonski, CEO and Chief Investment Officer at Defiance ETFs, shared her thoughts on Bitcoin’s recent price increase with CNBC. She mentioned that the rise in Bitcoin’s price could be due to more money flowing into exchange-traded funds (ETFs) that focus on Bitcoin, the upcoming halving event, which tends to make investors hopeful as prices often go up afterward, and the overall positive momentum in the market.

In her words,

“The recent increase in Bitcoin’s value could be linked to more investments in spot ETFs, the anticipation of the upcoming halving event, which typically boosts investor optimism, and the overall positive momentum in the market.”

Marathon Digital (NASDAQ: MARA) Stock Price Action

MARA stock jumped 10.70% to close at $23.89 on Friday. The traders had exchanged hands with 116,438,855 (116.43 million) shares compared to the average daily trading volume of 75.64 million.