MARA Holdings, a prominent player in the cryptocurrency mining sector, saw its stock surge 5.03% in pre-market trading on Thursday. This significant uptick comes as Bitcoin, the leading cryptocurrency, approaches the $100,000 milestone, igniting a broader rally across crypto-related stocks.
The surge in MARA's stock price is closely tied to Bitcoin's remarkable performance. According to recent reports, Bitcoin has surpassed the $99,000 mark, trading at $99,705 at one point, representing a 24-hour increase of 2.88%. This surge in Bitcoin's value has had a ripple effect across the crypto industry, with several crypto-related stocks experiencing substantial gains in pre-market trading.
The rally is not limited to MARA Holdings. Other crypto-mining companies and crypto-related stocks are also seeing significant increases. For instance, TeraWulf was up 8%, Canaan rose over 7%, while Bit Digital, CleanSpark, and Coinbase all posted gains of nearly 5%. This widespread uptick underscores the strong correlation between Bitcoin's performance and the stock prices of companies operating in the cryptocurrency ecosystem. As Bitcoin continues its upward trajectory, investors appear to be betting on the potential for increased profitability and growth in the crypto mining sector, driving up stock prices of companies like MARA Holdings.
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