MARA Stock Price: Marathon Digital Holdings Inc retreats alongside Bitcoin sector

NASDAQ:MARA has already been a ten-bagger over the past year, that is, a stock that has multiplied over ten times in value. In fact, Marathon is a ten-bagger since August of 2020, meaning it has grown exponentially over the past eight months. On Friday, Marathon did shed 2.65% to close the week and ended the trading session at $40.70 as the broader markets pulled back after a two-day NASDAQ recovery. Still, the volatility of Bitcoin-based stocks is well represented in Marathon, as shares fell on Friday, but still managed to gain nearly 28% in aggregate throughout the week. 

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Marathon reiterated its dedication to the cryptocurrency industry by investing in 6,300 more Antminer S-19 PRO ASIC miners which will drastically increase the hashrate at which it can mine Bitcoin. This increase in hashrate puts Marathon amongst the top Bitcoin mining companies in the world, and positions them firmly in the conversation of stocks that should continue to rise alongside the price of Bitcoin. Bitcoin mining companies have become a legitimate sector to invest in, although it is becoming increasingly apparent that the price of the stock is more reflective of the price of Bitcoin than the actual financial stability and operations.

MARA Stock news

After a brief correction earlier in February, Bitcoin has reclaimed its upwards trajectory and is threatening to once again overtake it's all-time high price of $58,000. With the impending $1.9 trillion stimulus package in the United States, and the sudden popularity in Blockchain related investments like NFTs or Non Fungible Tokens, Bitcoin should remain in the spotlight for the foreseeable future which can only be good for Marathon shareholders.