EBON - Why is Marathon Digital stock up today? Bitcoin nears all-time high
Cryptocurrency miner Marathon Digital (NASDAQ:MARA) shares grind higher by 11% on Friday as the world's most popular digital token, bitcoin (BTC-USD), finally breaks through $60K, inching closer to its all-time high of $65.5K from April. In the past five sessions, MARA (+10.4%) outpaces bitcoin (BTC-USD) (+8.8%), as well as on a M/M and Y/Y basis, according to the chart below. Marathon (MARA), along with a group of well-known crypto miners, gets initiated with a Buy rating as it's "the most spectacular growth trajectory of the group" especially after the company reported robust BTC mining production growth in Q3. The other miners in the group includes Core Scientific, Riot Blockchain (RIOT +7.2%) and Hut 8 Mining (HUT +17.0%). Some other crypto-related stocks that are also moving higher as bitcoin gains upside momentum includes: MGT Capital Investment (OTCQB:MGTI +44.0%), ISW Holdings (OTCPK:ISWH +10.7%), Cipher Mining (CIFR +17.0%), Ebang International (EBON +6.6%), and Codebase ventures
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Why is Marathon Digital stock up today? Bitcoin nears all-time high