Bitcoin surpasses $9,000 setting another yearly record

Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration

Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration

The leading cryptocurrency by market capitalization rose to $9,381 at 05:55 UTC - the highest price since May 10, 2018, according to CoinDesk's Bitcoin Price Index.

As of Monday morning United Kingdom time, Bitcoin is up by 2.1% against the dollar (BTC-USD) to $9,173, its highest level sine May 2018, and up by 2% against the pound (BTC-GBP) to £7,288. At press time, Bitcoin has gone down a little and is trading at $9,153 as per CoinMarketCap.

Bitcoin is up by more than 4% in the past 24 hours, 14% in the past week and more than 21% in the past month.

As ever, it's hard to pinpoint exactly what is causing the cryptocurrency's price to rise as it has over the past few months. Bitcoin, the world's biggest cryptocurrency, is often seen as a bellwether for the broader crypto sector and investors may think that Facebook's embrace of cryptocurrency could support broader adoption of bitcoin.

Jeremy Allaire, CEO of a major crypto company, Circle, recently estimated that bitcoin price will surpass United States dollars 10,000 by June 21, "marking start of Crypto Summer".

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Another cryptocurrency from the top ten that saw tremendous growth last week was Litecoin (LTC) - up over 20 percent.

Looking forward, BTC may rise further toward the next major resistance at $10,000, as long-term technical studies are biased bullish.

How many people use the Bitcoin blockchain per day isn't clear.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

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