Pseudonymous cartoonist "Stonetoss" on Bitcoin volatility.
Our Top Bitcoin Miner
Happy Thanksgiving, everyone. In a post in June (Betting On A Bitcoin Bounce), we wrote that our top name at the time was the Bitcoin miner Marathon Digital Holdings, Inc. MARA:
Every day the market's open, our system gauges underlying price action and options market sentiment to pick the securities it estimates will perform best over the next six months. As of Tuesday's close, the top name in that ranking was the Bitcoin miner Marathon Digital Holdings (MARA).
A Top Name Earlier This Month As WellMarathon Digital was also a top ten name of ours a couple of weeks ago, on June 10th.
Screen capture via Portfolio Armor on 6/10/2021.
Marathon Digital Explodes Higher
In a follow up post earlier this month (The Bitcoin Miner Blowing Past Bitcoin), we pointed out that MARA had climbed 184% since it hit our top names in June,
And we posted this video showing how you could use our iPhone app to find an optimal hedge for MARA in case it pulled back.
Marathon Digital Pulls Back
Those hedges have come in handy, for MARA longs who used them. Since our article earlier this month, MARA is down 31%.
Nevertheless, it's still up nearly 90% since we wrote about it here in June.
And, our system is bullish on it again now: it was our #3 name on Wednesday, November 24th.
If you think Bitcoin is headed for new highs within the next several months, MARA might be worth looking at here. As always, consider hedging in the event that we are wrong, or the market goes against you.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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