• Marathon Digital (MARA) stock price surged to the highest level since November as Bitcoin and other cryptocurrencies roared back.
• The main driver of MARA’s rally is the ongoing trend of TradFi, or traditional finance companies moving into the crypto industry.
• Future price action for MARA will depend on whether Bitcoin moves above $31,000, which is the upper side of the double-top pattern.
MARA Stock Price Soars to Highest Level Since November
Bitcoin mining stocks made a bullish breakout this week as Marathon Digital (MARA) share price soared to the highest level since November. MARA shares jumped to a high of $12.75, meaning it has soared by more than 319% from its lowest level in December. Other bitcoin mining companies in the industry like Riot Platform and Hut 8 Mining also saw their share prices surge.
Driving Factors Behind MARA Rally
The main reason behind MARA stock price soaring is that Bitcoin price neared its highest point this year. This rebound happened as the crypto fear and greed index soared to the greed area. Most analysts believe that the ongoing trend of TradFi is driving factor for Bitcoin prices. TradFi refers to a situation where traditional finance companies move to join in on investment opportunities in crypto currencies such as Bitcoin and Ethereum.
On Friday, Blackrock, one of the world’s largest asset managers applied for an iShares Bitcoin Trust with The SEC which will be an ETF tracking Spot Bitcoin Price similar to Vanguard Gold Trusts filing for similar ETFs with other large firms such as Invesco and WisdomTree joining in along with them.. Analysts believe that The SEC will come under pressure and allow these funds this time around due to Deutsche Bank applying for a Crypto Custody License in Germany followed by Credit Agricole receiving their custody license allowing them to take care of wealthy Europeans seeking access into cryptocurrency investments opening up new doors within financial services firms wanting exposure into Cryptocurrency investments .
Future Price Action For ARM
Future price action for MARA will depend on whether or not bitcoin moves above $31,000 which is an important level since it represents an upper side double top pattern most commonly used within technical analysis if broken can indicate further upside potential for bitcoin prices resulting in increased demand & profitability margins within bitcoin mining operations leading towards higher valuations spawning out from increased investor interest & confidence from potential strong returns on investment throughout 2021 providing ample opportunities across multiple sectors such as Infrastructure providers , hardware manufacturers & retail investors alike .
MARAs Bullish Trend
The daily chart shows that Marathon Digital stock has been in a slow bullish trend since last November when it hit its bottom at below 4 dollars per share . It has been rising steadily ever since until recently when it broke through resistance levels pushing it even further up towards new highs crossing 12$ per share indicating how profitable mining operations have become throughout 2020 with abundant opportunities arising from increasing investor interests along with new regulations being passed allowing traditional financial institutions access into cryptocurrency markets leading towards greater accessibility across multiple industries spanning across multiple sectors bringing about much needed adoption rates overall creating more efficient markets worldwide .
Conclusion
To conclude , MARAs stockprice soaring is mainly due to Bitcoins recent rally alongside other major cryptos like Ethereum leading towards higher demand & profitability within cryptocurrency marketplaces spurring out from increasing investor interests amidst tradfi news coming out showing larger financial institution entering into cryptocurrency markets pushing BTC prices further up whilst allowing others access through custody licenses giving more people access into cryptocurrencies creating more efficient markets overall providing ample opportunities & strong returns on investments throughout 2021 .