Shares of Marathon Digital Holdings (NASDAQ: MARA) are higher at the time of writing, which can be attributed to Bitcoin’s (BTC-USD) surge that’s boosting crypto-related stocks. Bitcoin’s notable rally, reaching as high as $31,443.17 during the past 24 hours, also led to substantial weekly gains for other Bitcoin miners, including:
- Riot Platforms (NASDAQ: RIOT)
- Hut 8 Mining (NASDAQ: HUT)
- HIVE Blockchain (NASDAQ: HIVE)
- Bit Digital (NASDAQ: BTBT)
As Marathon operates by mining Bitcoin at third-party hosting facilities, its profitability is primarily reliant on the price of Bitcoin and electricity costs, thereby linking the company’s stock price closely to that of Bitcoin.
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Overall, it appears that Wall Street has the highest expectations from MARA stock. Indeed, analysts anticipate almost 16% upside potential thanks to its average price target of $14.75.