On November 7, we noted, “With Donald Trump back in the White House, cryptocurrencies are exploding. On Wednesday morning, Bitcoin hit an all-time high, tacking on more than $4,400 of value. And it could easily rally even more with Trump Administration support. Remember, Donald Trump and J.D. Vance are both bullish on cryptocurrency.”
Shortly after, Bitcoin would hit a high of $84,431 and could rally to $100,000.
All of which is great news for Bitcoin investors, but also for those invested in Bitcoin-related stocks, like Marathon Digital (SYM: MARA). In fact, the last time we mentioned MARA, it traded at $17.80. Today, it’s up to $23.92 and could push aggressively higher with Bitcoin.
Helping, analysts at Cantor Fitzgerald just initiated an outperform rating on the MARA stock. The firm added that, “MARA used to rely on third parties to host its machines, making it a ‘sub-optimal way to play Bitcoin.'” But it has since “changed course and is now focused on owning and operating Bitcoin mining infrastructure, which we believe will allow MARA to meaningfully reduce its all-in cost to mine,” as quoted by Seeking Alpha.
MARA also just reported its best month of Bitcoin production since April.
For October, it produced 717 Bitcoin, up 2% from the 705 produced in September. “October was our best month of bitcoin production since April’s halving event as uptime remained strong and we grew our energized hash rate to 40.2 EH/s, a 14% increase over September,” said Fred Thiel, MARA’s chairman and CEO.
