• MARA stock price has surged to its highest level since November as Bitcoin and other cryptocurrencies have rallied.
• The surge in the stock price is mainly attributed to the increasing interest in “TradFi”, where traditional finance companies are entering the crypto industry.
• The future of MARA stock will depend on whether Bitcoin moves above $31,000, which is an important resistance level for a double-top pattern.
MARA Stock Price Tests Key Resistance
MARA stock price soared to the highest level since November 2022 as Bitcoin and other cryptocurrencies roared back. MARA shares jumped to a high of $12.75, meaning it has soared by more than 319% from the lowest level in December.
Bitcoin Mining Stocks Jump
The main reason why MARA stock price soared is that Bitcoin price neared the highest point this year. This rebound happened as the crypto fear and greed index soared to the greed area. Most analysts believe that the ongoing trend of TradFi is the main driving factor for Bitcoin prices.
What Is TradFi?
TradFi refers to a situation where traditional finance companies move to the crypto industry. On Friday, Blackrock, the biggest asset manager in the world, announced that it had applied for the iShares Bitcoin Trust with SEC. This will be an ETF tracking spot Bitcoin prices and will be similar to Vanguard Gold Trust.
Future Of MARA Stock Price