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2 Crypto Stocks to Watch as Bitcoin Rises

MARA and COIN are seeing higher-than-usual call volume today

Deputy Editor
Oct 14, 2024 at 1:01 PM
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Earlier today, Bitcoin (BTC) jumped above $66,000 for the first time since late September, continuing its climb after China's stimulus measures bolstered investors' sentiment. What's more, the S&P 500 (SPX) hit record highs of its own, leading some to speculate that the broader market's positive price action ahead of the 2024 U.S. Presidential Election could be bullish for the cryptocurrency. 

Now is a good time to check in on crypto-adjacent stocks MARA Holdings, Inc (NASDAQ:MARA) and Coinbase Global Inc (NASDAQ:COIN)

MARA was last seen 6.6% higher to trade at $17.12m down 25.8% year-to-date but still 126.3% higher in 2024. Marathon stock also just reclaimed support from its 50-day moving average, which has been a consistent layer of resistance since late July.

Call traders are piling on the security, with 267,000 bullish bets exchanging hands so far today. That volume is three times the average intraday volume, and new positions are being sold to open at the most popular October 18 call. The 19-strike call from the same standard series, is also popular, with new positions bought to open.

Coinbase stock was last seen 8.2% higher to trade at $90.77. The shares have also just reclaimed support from their 50-day moving average, and could now find support at their +10% year-to-date breakeven level. Year-over-year, COIN is up 160.8%. 

Coinbase stock's options pits are also seeing higher-than-usual intraday call volume today, with 341,000 calls crossing the tape, volume that is quadruple the amount typically seen at this point. New positions are opening at 17 of the 20 most popular contracts, with the October 190 call leading the charge.

 
 

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