In the midday trading session on Wednesday, shares of Marathon Digital Holdings Inc. (MARA) surged by 11.5%. This impressive gain puts the cryptocurrency miner on track to extend its record win streak. Remarkably, the stock has soared by 105.1% during an 11-session winning streak, which is the longest in its history since February 9, 2012, based on available data from Dow Jones Market Data.
The surge in Marathon’s stock on Wednesday is concurrent with a 1.4% increase in the value of bitcoin (BTCUSD). It is noteworthy that the correlation between Marathon’s stock and bitcoin has been declining recently. Bitcoin has experienced gains in eight out of the last 11 sessions, rising by 4.6% over that period.
Currently, Marathon’s stock is on track to achieve its highest closing price since March 29, 2022. In contrast, bitcoin has slightly declined by 2.4% since its closing price of $44,149 on December 8, 2022, which was its highest close since April 5, 2022. Concurrently, the S&P 500 has had a positive run in nine out of the last 11 sessions, resulting in a 3.0% rally during this period.
Marathon Digital Holdings Inc. continues to exhibit an impressive performance and remains at the forefront of the cryptocurrency industry.
