Outshining Tech Giants in the Stock Market Marathon Digital, a Bitcoin mining company, recently became the most traded stock of the day, outperforming giants like Tesla, Apple, and Amazon. This… The post Marathon Digital Sees Over $327M Daily Trading...

Outshining Tech Giants in the Stock Market

Marathon Digital, a Bitcoin mining company, recently became the most traded stock of the day, outperforming giants like Tesla, Apple, and Amazon. This surge in trading volume, exceeding $327 million, is a significant event in the cryptocurrency and stock trading worlds, marking a pivotal moment for Marathon Digital and the wider crypto industry.

Over the last 24 hours, more than 105 million shares of Marathon Digital were traded, surpassing well-known blue-chip stocks. This volume might indicate a heightened interest from investors and traders in cryptocurrency-related stocks, especially in Bitcoin mining companies. The trading volume spike is partly attributed to the anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF) and the upcoming Bitcoin halving event in April.

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Expansion and Performance

Marathon Digital announced on December 19 the acquisition of two mining centers for $179 million, significantly expanding its mining capacity by an additional 390 megawatts, on top of its existing 584-megawatt output. This expansion reflects the company’s growth strategy and commitment to scaling up operations in a rapidly evolving market. Similarly, Riot Platforms, another prominent Bitcoin miner, acquired $291 million worth of Bitcoin mining rigs, marking its largest hash rate increase in history.

Outperforming Bitcoin

Interestingly, Marathon Digital and Riot Platforms have shown impressive gains, with year-to-date increases of 767% and 452%, respectively, vastly outperforming the growth of Bitcoin itself. This trend suggests a growing investor confidence in the infrastructure surrounding Bitcoin, beyond just the cryptocurrency.

The broader crypto market, including Coinbase, the largest publicly traded crypto exchange, has also seen significant gains, with Coinbase’s shares increasing by over 450% since the beginning of 2023. This bullish trend in crypto-related stocks comes despite the setbacks faced in 2022, such as the collapse of FTX and other high-profile industry challenges.

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Future Outlook

Analysts have responded positively to Marathon’s expansion strategy, noting the potential benefits in terms of reduced power costs, increased hash rate capacity, and operational leverage. Despite the high power costs associated with Marathon’s operations, the rising Bitcoin transaction fees, which hit a two-year high, have added substantial mining rewards, enhancing profitability prospects for miners like Marathon Digital.

Looking ahead, Marathon Digital aims to grow its hash rate by approximately 30% in 2024, reflecting a strong forward-looking strategy. This growth, coupled with the broader positive sentiment in the crypto mining sector and the potential approval of a Bitcoin ETF, positions Marathon Digital favorably for the future.

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The post Marathon Digital Sees Over $327M Daily Trading Volume Amid Bitcoin Miner Stock Frenzy appeared first on Bitcoinsensus.

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