Bitcoin ascended to over $44,000, marking a new high for the year amid growing speculation that the Securities and Exchange Commission (SEC) may soon approve the introduction of Bitcoin (CRYPTO: BTC) focused Exchange-Traded Funds (ETFs). 

What Happened: This anticipation has particularly favored Coinbase (NASDAQ:COIN), whose shares have escalated by nearly 74% in the past month alone. COIN was down 0.63% during the Tuesday trading session.

This surge in the value of Bitcoin also directly benefits crypto mining companies. Marathon Digital (NASDAQ:MARA) observed an increase of nearly 2.83% on Tuesday.

When BTC breached $40,000, COIN shot from $133.76 to $141.09, translating to a 5.48% lift. In contrast, MARA climbed from $13.7 to $14.86, indicating a slightly higher increase of 8.47%. 

This analysis is based on data from December 1 to December 4.

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Why It Matters: If you had invested $1000 in COIN, your investment in just a few days would have grown to $1054.8, while the same amount in MARA would have appreciated to $1084.67. 

The correlation between the movement of COIN and MARA stocks has been examined through regression analysis, revealing a coefficient of determination (R^2) of 1.0. This indicates a very high degree of correlation between the two stocks’ movements.

Price Action: At the time of writing, BTC was trading at $41,741,  up 2.26% in the last 24 hours, according to Benzinga Pro.

Photo by Igor Faun on Shutterstock

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