On a recent episode of “Mad Money,” the host Jim Cramer it is not recommended to invest in Marathon Digital Holdings Co., Ltd. (NASDAQ:MARA) and recommended instead. Bitcoin (Crypto: BTC) or Ethereum (Crypto: ETH).
what happened: In his “Lightning Round” segment, Kramer discouraged viewers from buying Marathon Digital, a company involved in Bitcoin mining, CNBC reported. He suggested investors consider Bitcoin or Ethereum as alternatives.
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“If you want to own Marathon Digital, just buy Ethereum or buy Bitcoin. Stop fooling around,” Cramer said.
Marathon Digital's stock price has had a tumultuous period, dropping more than 20% in value over the past month. This decline can be attributed to the volatility of the overall cryptocurrency market.
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why is it important: Mr. Kramer's advice is consistent with the current state of the cryptocurrency market. On Tuesday, cryptocurrency analysts said: Ali Martinez He emphasized the importance of Bitcoin's $62,000 support level. If this level cannot be maintained, focus may shift to the next key area of demand, around $51,500. Conversely, a rally above $66,250 could significantly increase the chances of a market comeback.
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Despite concerns about the cryptocurrency market, Wall Street experts remain confident that the bull market will continue. They cite the strong US economy and the potential of artificial intelligence (AI) as key drivers.
On the broader market front, Kramer also outlined potential factors that could lead to further market declines and advised investors to be cautious in their buying and selling decisions. His recent advice on Marathon Digital is consistent with his cautious approach to current market conditions.
price action: Marathon Digital Holdings closed at $14.63 on Wednesday, registering a modest increase of 0.21%, but the stock has experienced a significant decline of 36.20% since the beginning of the year. In contrast, Bitcoin is currently trading at $61,562, up 0.48% in the past 24 hours and representing a notable year-to-date gain of 39.37%. Meanwhile, Ethereum is trading at $3,000, up 0.61% in the past 24 hours and up 27.54% year-to-date, according to Benzinga Pro data.
Read next: Macro guru Raoul Pal says 80% of his crypto investments are in this Ethereum rival: “And I’m a big fan of stupid places like Dogwifat, Dogecoin and Bonk. has 1% in
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