Bitcoin's $45K Feat Lifts Crypto Plays Pre-Market As Marathon Digital Stock, Riot Platforms Surge
Portfolio Pulse from Surbhi Jain
Bitcoin's rise to $45,000 has positively impacted pre-market trading for crypto-related stocks Marathon Digital Holdings Inc (MARA) and Riot Platforms Inc (RIOT), with MARA up 13% and RIOT up 9%. Marathon Digital experienced a 590% stock price increase in 2023, holding 14,025 unrestricted bitcoin and producing 37.9 Bitcoin per day in Q3 2023. Riot Platforms saw a 360% gain in 2023, with no long-term debt and 7,358 bitcoin held. Analyst ratings suggest RIOT has a 15% upside potential, while MARA is considered overvalued by 45%.
January 02, 2024 | 1:59 pm
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POSITIVE IMPACT
Marathon Digital Holdings Inc's stock rose 13% in pre-market trading due to Bitcoin's price surge. The company's strong performance in 2023 with a 590% gain and its significant bitcoin holdings contribute to its positive outlook, despite being considered overvalued by 45% by analysts.
Marathon Digital's stock is likely to experience short-term positive momentum due to the recent surge in Bitcoin prices, which historically affects crypto-related stocks. However, the analyst's view of the stock being overvalued could temper the extent of the rally.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Riot Platforms Inc's stock increased by 9% in pre-market trading, influenced by the rise in Bitcoin's price. The company's 360% gain in 2023 and strong fundamentals, including no long-term debt and a robust bitcoin treasury, are seen as positive indicators, with analysts suggesting a 15% upside.
Riot Platforms is expected to benefit in the short term from the bullish sentiment in the cryptocurrency market, as indicated by Bitcoin's price increase. The absence of long-term debt and the presence of a robust bitcoin treasury further strengthen the positive outlook, supported by analyst ratings.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 90