If You Had Invested $1000 In Coinbase, Marathon Digital Stocks When Bitcoin Reached $42K, Here's Which Investment Would Have Offered Better Returns
Portfolio Pulse from Mehab Qureshi
Coinbase (NASDAQ:COIN) and Marathon Digital (NASDAQ:MARA) stocks have seen significant increases following the rise in Bitcoin's value, with COIN up 74% in the past month and MARA up 2.83% on a recent Tuesday. When Bitcoin reached $42,000, COIN and MARA stocks rose 5.48% and 8.47%, respectively, from December 1 to December 4. The correlation between COIN and MARA stocks is very high, with a coefficient of determination (R^2) of 1.0.
December 06, 2023 | 11:00 am
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POSITIVE IMPACT
Coinbase shares have increased by nearly 74% in the past month, with a 5.48% rise when Bitcoin breached $42,000.
The rise in Bitcoin's value has a direct positive impact on Coinbase's stock due to the company's involvement in the cryptocurrency market. The anticipation of Bitcoin ETFs and the recent surge in Bitcoin's price have likely contributed to the stock's performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Marathon Digital observed a 2.83% increase on a recent Tuesday, with an 8.47% rise when Bitcoin reached $42,000.
Marathon Digital, as a crypto mining company, stands to gain from increases in Bitcoin's price. The stock's recent performance is likely influenced by the overall positive sentiment in the cryptocurrency market.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 85