MARA Holdings (MARA), a leading cryptocurrency mining company, saw its stock soar 5.15% in the pre-market session on Tuesday, riding the wave of the booming crypto market.
The rally in MARA shares comes as Bitcoin, the world's largest cryptocurrency, more than doubled in value in 2024, surpassing the $100,000 milestone for the first time. This surge in Bitcoin's price was driven by hopes of easing regulatory roadblocks under the incoming administration of President-elect Donald Trump, as well as increased institutional adoption and the approval of spot Bitcoin exchange-traded funds (ETFs).
As a blockchain miner, MARA Holdings directly benefits from the soaring cryptocurrency prices. However, analysts warn that the crypto rally may face headwinds from rampant profit-taking actions, which could potentially limit further upside for MARA and other crypto-related stocks.
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