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Summary
- While Marathon stocks were up by about 34 per cent, Riot stocks reflected a growth of about 32 per cent in the morning at the time of writing this (11.30AM EST).
- The price surge in these crypto stocks comes in the wake of Tesla Inc (NASDAQ:TSLA, TSLA:US) purchasing about US$ 1.5 billion worth of Bitcoin.
- Following Tesla’s investment, Bitcoin price shot up to a record high of US$ 44,500 per coin on Monday.
Cryptocurrency companies Marathon Patent Group Inc (NASDAQ:MARA, MARA:US) and Riot Blockchain Inc (NASDAQ:RIOT, RIOT:US) began Monday, February 8, with notable surges in their stock prices.
While Marathon stocks were up by about 34 per cent, Riot stocks reflected a growth of about 32 per cent in the morning at the time of writing this (11.30AM EST).
The price surge in these crypto stocks comes in the wake of Tesla Inc (NASDAQ:TSLA, TSLA:US) purchasing about US$ 1.5 billion worth of Bitcoin, following which Bitcoin price shot up to a record high of US$ 44,500 per coin on Monday.
Let’s dive in to find out more about Marathon Patent and Riot Blockchain.
Marathon Patent Group Inc (NASDAQ:MARA, MARA:US)
Current Stock Price: US$ 30.1
Marathon Patent, a Las Vegas-based firm, is involved in the technology of mining digital assets. Its stocks secured a substantial growth of over 41 per cent in February so far and of over 180 per cent year-to-date (YTD).
Marathon shares, which ballooned by about 2470 per cent in the last one year, recorded an average trading volume of over 26 million in the last 10 days and that of about 47 million over the past one month.
The cryptocurrency miner reported a significant 160 per cent year-over-year (YoY) increase in its revenue for the third quarter ending 30 September 2020.
©Kalkine Group 2020
Riot Blockchain Inc (NASDAQ:RIOT, RIOT:US)
Current Stock Price: US$ 30.8
Castle Rock-based Riot Blockchain’s business is focused on the development and operation of blockchain technologies. Its shares have recorded an increase of about 45 per cent this month and that of almost 75 per cent YTD.
Riot stocks blew up by nearly 1977 per cent in the last one year. They currently post an average share movement volume of over 17 million for the past 10 days and of almost 30 million last 50 days.
