Marathon Digital stock price gains as crypto market moves higher

Marathon Digital Holdings Inc., (MARA) was up more than 11% early Monday afternoon as crypto stocks rose sharply to mirror Bitcoin (BTC) gains.

After struggling with bearish pressure amid miner and government wallets selling, bitcoin price broke to above $63k on July 1. While the flagship cryptocurrency pared gains to return below this mark, the positive sentiment that had also pushed altcoins higher cascaded into the crypto stocks market.

BTC traded around $63,182 at the time of writing, up 2.8% in the past 24 hours. Analysts suggest Bitcoin could be headed for a bounce this July.

MARA and COIN stocks surge

At 12:30 pm ET on July 1, market data showed shares of Marathon Digital was up 11% to $22.01.

The stock rose above $20 last week as the Bitcoin miner announced it was mining Kaspa (KAS) and today’s gains see the stock eyeing highs seen in May and March this year. Those highs also coincided with notable moves for BTC, which reached an all-time high above $73k in March.

As MARA stock spiked double digits, Coinbase Global, Inc. (COIN) shares rose to trade above $230. At the time of writing, the crypto stock was up 4%, fluctuating sharply higher amid Coinbase Prime related news.

On July 1, the U.S. Marshals Service announced Coinbase Prime as its custody and advanced trading services provider for digital assets.

COIN is up 47% year-to-date, which is slightly higher compared to Bitcoin’s 43% price gains in the same period.

RIOT stock up but continues to underperform BTC

Elsewhere, Riot Platforms, Inc. (RIOT) has recorded a 5% spike on the day having shrugged off recent sell-off pressure. On June 13, RIOT traded at $10.98 but amid its tussle to take over rival Bitfarms, saw its shares plunge to lows of $9.03.

Riot shares have declined 37% year-to-date, underperforming Bitcoin and the S&P 500 that’s up more than 15% as at 12:30 pm ET on Monday. Bitfarms stock was also just in the red.