Marathon Patent Group (NASDAQ:MARA) is in the news Monday as MARA stock continues to rise higher.
So what exactly has MARA stock on the move today? There’s no obvious news behind the increase to Marathon Patent Group’s stock. No new announcements from the company have come out. There also haven’t been any analyst updates on MARA stock.
That doesn’t mean MARA stock on the move for no reason. Marathon Patent Group has strong connections to cryptocurrencies, which is likely why it’s heading higher today. Bitcoin has been steadily increasing lately, which is likely what has MARA stock taking off.
The price of bitcoin has increased by 2.6% as of Monday afternoon. Adding to that are traders of the cryptocurrency pushing for higher prices. All of the hype around it could push it higher and that could also cause MARA to continue to rise.
The increasing price of MARA stock continues a rally that started in late July. The stock was trading at $1.04 when markets closed on July 24. The stock has been steadily increasing ever since. It was up 95.2% to $2.03 per share when markets closed on Friday.
It’s also worth pointing out that MARA stock is seeing its highest price in 52 weeks. In fact, the stock hasn’t been this high since late 2018. If the positive momentum can continue, it would be great news for Marathon Patent Group investors.
MARA stock was up 73.9% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.