The crypto sector is reacting positively to Donald Trump's election victory
Cryptocurrency stocks are in rally mode after Donald Trump's presidential election win, as Bitcoin (BTC) soars to record highs. Below, let's take a closer look at how shares of MARA Holdings Inc (NASDAQ:MARA) and MicroStrategy Inc (NASDAQ:MSTR) are reacting to the results.
MARA is up 10% to trade at $17.66 at last glance, bouncing off a familiar floor at the $15 level. The $20 region is still acting as a ceiling, though, after rejecting several rallies since August. Shares yesterday snapped a four-day losing streak, and sport a 76.9% year-over-year gain.
Options bulls are blasting MARA today, with 65,000 calls across the tape so far, which is double the intraday average volume. The most popular contract is the November 20 call.
MSTR was last seen up 13.9% to trade at $259.48, and is now within striking distance of its Oct. 29, record high of $267.89. The security also marked its first gain the last five sessions yesterday, bouncing off long-term support from its 20-day moving average. So far in 2024, MSTR has added a whopping 260%.
Short-term options traders lean bearish toward MSTR, per its Schaeffer's put/call open interest ratio (SOIR) of 1.60 that RANKS higher than 91% of readings from the last 12 months. In other words, an unwinding of this pessimism could fuel additional tailwinds.