- NASDAQ:MARA adds another 18.02% to its price as it caps a week of high growth.
- JPMorgan analysts give a bullish price target of $146,000 for Bitcoin.
- MARA is benefiting from the recent surge of Bitcoin’s price but being tied to such a volatile asset is dangerous.
NASDAQ:MARA is one of many companies that is benefiting from the recent skyrocketing price of Bitcoin and Ethereum amongst other cryptocurrencies. As the US dollar continues to be devalued and global financial markets are mired in volatility due to the ongoing COVID-19 pandemic, investors have sought out alternative vehicles to place their money. On Friday, Marathon Patent Group added a further 18.02% to close the first trading week of 2021 at $26.39, which means the stock has already gained over 125% this year.
Recently, a JPMorgan analyst shocked the world when he announced that Bitcoin has a potential upside of $146,000 per coin. That represents a near 265% upside from its current trading levels and has crypto enthusiasts clamouring to move their money from the stock market into the volatile 24-hour-a-day crypto market. While Bitcoin has certainly been brought to the mainstream by fintech companies like Square (NYSE:SQ) and Paypal (NASDAQ:PYPL), the big U.S. banks have also bought into the craze.
MARA stock forecast
Thus far an estimated 18.5 million of 21 million total Bitcoin have already been mined so it is difficult to imagine what will actually happen once the finite amount has been processed. Would companies like MARA head to other cryptos like Ethereum or Litecoin? Investors should be wary of how volatile the industry can be, especially at the height of its current popularity.
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