- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD jumps above 0.6500 after hot Australian CPI data
AUD/USD extended gains and recaptured 0.6500 in Asian trading, following the release of hotter-than-expected Australian inflation data. The Australian CPI rose 1% in QoQ in Q1 against 0.8% forecast, providing extra legs to the Australian Dollar upside.
USD/JPY hangs near 34-year high at 154.88 as intervention risks loom
USD/JPY is sitting at a multi-decade high of 154.88 reached on Tuesday. Traders refrain from placing fresh bets on the pair as Japan's FX intervention risks loom. Broad US Dollar weakness also caps the upside in the major. US Durable Goods data are next on tap.
Gold price cautious despite weaker US Dollar and falling US yields
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce its reliance on the US dollar after plans for its stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Fed might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.