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In a recent episode of “Mad Money,” host Jim Cramer advised against investing in Marathon Digital Holdings Inc. (NASDAQ:MARA) and instead recommended Bitcoin (CRYPTO: BTC) or Ethereum (CRYPTO: ETH).
What Happened: Cramer, in his “Lightning Round” segment, discouraged viewers from purchasing Marathon Digital, a company involved in Bitcoin mining, reported CNBC. He suggested that investors consider Bitcoin or Ethereum as alternatives.
"If you want to own Marathon Digital, just go buy either Ethereum or buy Bitcoin, ok. Let's not fool around," Cramer said.
Marathon Digital’s stock has experienced a tumultuous period, with its value dropping by over 20% in the past month. This decline is attributed to the overall volatility in the cryptocurrency market.
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Why It Matters: Cramer’s advice aligns with the current state of the crypto market. On Tuesday, cryptocurrency analyst Ali Martinez highlighted the importance of Bitcoin’s $62,000 support level. Failure to maintain this level could shift focus to the next significant demand area, approximately $51,500. Conversely, a climb back above $66,250 could significantly boost the chances of a resurgence in the market.
Despite concerns about the crypto market, Wall Street experts remain confident in the bull market‘s continuation. They cite a robust U.S. economy and the potential of artificial intelligence (AI) as key drivers.
On the broader market front, Cramer has also outlined potential factors that could lead to further market decline, advising investors to be cautious about their buying and selling decisions. His recent advice regarding Marathon Digital is in line with his cautious approach to the current market conditions.
Price Action: While Marathon Digital Holdings closed at $14.63 on Wednesday, marking a modest 0.21% increase, the stock has experienced a significant decline of 36.20% year to date. In contrast, Bitcoin is currently trading at $61,562, showing a 0.48% increase in the last 24 hours and a notable 39.37% gain year to date. Ethereum, on the other hand, is trading at $3,000, with a 0.61% increase in the past 24 hours and a solid 27.54% gain year to date, according to data from Benzinga Pro.
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
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