Marathon Digital Stock (MARA) Soars 10% as Bitcoin Hits a New ATH & Crypto Week Starts
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Another positive for Marathon Digital is Crypto Week. This is a period when the U.S. House of Representatives will start deliberating on new bills that could become laws with major effects on the crypto sector. Among these is the Genius Act, which would set regulations for the creation of stablecoins tied to the U.S. dollar.
Finally, Marathon Digital stock has experienced an upward trend recently, which included a 14.27% gain over the past week. This came alongside a collaboration with TAE Power Solutions and plans to increase its Bitcoin mining operations. Considering BTC's recent rally, it makes sense that investors would be receptive to this plan.
Marathon Digital Stock Movement Today
Marathon Digital stock was up 9.72% on Monday morning, extending a 26.39% year-to-date rally. Even so, traders will note that MARA stock has fallen 22.13% over the past 12 months. Today's price increase came with some 14 million shares traded, compared to a three-month daily average trading volume of 44.67 million units.
Is Marathon Digital Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for Marathon Digital is Hold, based on three Buy, four Hold, and a single Sell rating over the past three months. With that comes an average MARA stock price target of $19.25, representing a potential 7% downside for the shares.
With Crypto Week underway, investors will want to keep a close eye on MARA stock. Any government news could act as a catalyst for the company's shares, especially if it affects Bitcoin.
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