Marathon Digital Holdings Inc., whose stock is known as MARA, saw a significant increase of more than 11% on Monday as crypto stocks surged alongside Bitcoin’s gains. This surge came after a period of bearish pressure caused by miner and government wallets selling off Bitcoin. However, the price of Bitcoin managed to break above $63,000 on July 1, which led to a positive sentiment in the market and pushed up the value of not only Bitcoin but also other cryptocurrencies and related stocks.
At the time of writing, Bitcoin was trading at around $63,182, marking a 2.8% increase in the past 24 hours. Analysts are predicting that Bitcoin may experience a bounce in July, which could further boost the prices of crypto-related stocks like MARA and COIN.
Marathon Digital’s stock price surged by 11% to reach $22.01 on July 1, following an announcement that the company had started mining Kaspa (KAS). This increase in stock price puts MARA on track to potentially reach the highs it saw in May and March this year, coinciding with significant price movements in Bitcoin.
Coinbase Global, Inc. (COIN) also saw its shares rise by 4% to trade above $230 on the same day. This increase was driven by news that the U.S. Marshals Service had selected Coinbase Prime as its custody and advanced trading services provider for digital assets. COIN has performed well this year, with a 47% increase year-to-date, slightly outperforming Bitcoin’s 43% gains in the same period.
On the other hand, Riot Platforms, Inc. (RIOT) experienced a 5% spike in its stock price on the same day, recovering from recent sell-off pressure. RIOT had faced challenges in its attempt to take over rival Bitfarms, which led to a drop in its share price from $10.98 to $9.03. Despite this recent increase, RIOT shares have declined by 37% year-to-date, underperforming both Bitcoin and the S&P 500 index.
Overall, the crypto market rally has had a positive impact on the prices of crypto-related stocks, with companies like Marathon Digital and Coinbase seeing significant gains. However, there are still challenges faced by some companies like Riot Platforms, which continue to struggle to keep up with the performance of Bitcoin and other major indices. Investors will be closely watching how these stocks perform in the coming days as the crypto market remains volatile.