In a recent episode of "Mad Money," Jim Cramer advised against investing in Marathon Digital Holdings Inc, a company involved in Bitcoin mining. Cramer's recommendation came during the "Lightning Round" segment of his show, where he suggested that viewers opt for investing in Bitcoin or Ethereum instead of Marathon Digital. The stock of Marathon Digital has been on a downward trend, experiencing a decline of over 20% in the past month, which is likely attributed to the overall volatility in the cryptocurrency market.
Cryptocurrency analyst Ali Martinez highlighted the significance of Bitcoin's $62,000 support level, emphasizing that failure to maintain this level could lead to a shift in focus towards the next significant demand area around $51,500. Conversely, a climb back above $66,250 could potentially boost the market's chances of resurgence. Despite concerns about the cryptocurrency market, experts on Wall Street remain positive about the continuation of the bull market, citing a strong U.S. economy and the potential of artificial intelligence (AI) as driving factors.
Jim Cramer's cautious approach to the current market conditions extends beyond his advice on Marathon Digital, as he has also pointed out potential factors that could contribute to further market declines. While Marathon Digital Holdings' stock closed with a modest increase at $14.63, marking a 0.21% rise, it has seen a notable year-to-date decline of 36.20%. In comparison, Bitcoin is currently trading at $61,562 with a 0.48% increase in the last 24 hours and a significant 39.37% gain year to date. Ethereum's trading price stands at $3,000, showing a 0.61% increase in the past 24 hours and a solid 27.54% gain year to date, according to data from Benzinga Pro.