Bitcoin Shoots Past $9,000 to Yearly High As Google Trends Shows Soaring Interest in Crypto
Bitcoin is currently trading at $9,185, up 145% since the start of the year when the world’s largest cryptocurrency was valued at $3,746, and up 5.96% from $8,668 since yesterday.
It briefly shot past $9,300 on Sunday reaching $9,323, an all-time high for the year. Crypto traders held on for multiple wild swings as the volatile crypto plunged over $200 within 15 minutes before soaring again from $9,069 to $9,292 in just over an hour, according to data compiled by CoinMarketCap.
According to CoinMetrics, Bitcoin has reached another milestone, soaring past one million daily active addresses for the first time since late 2017. US traders on Binance.com are likely contributing to the spike, adjusting their cryptocurrency holdings before Binance prohibits them from trading in mid-September.
Crypto traders are also impacted by new restrictions on the Seattle-based cryptocurrency exchange Bittrex, which will prohibit US residents from trading several altcoins. Bitcoin, the most widely paired coin, can be used to facilitate a wide range of crypto-to-crypto trades to prevent value from getting trapped in “dead coins” on the exchanges. In addition to converting their holdings to other coins, US traders will be able to cash out into fiat.
Network Data Chart for Bitcoin
Interest on Google Trends in the US is also soaring with data showing a spike on the search term “Bitcoin” over the past seven days, from a low of 15 to an estimated 100. Hotspots in the US include Nevada with the most searches followed by California, Washington, Colorado and Florida.
Worldwide interest in Bitcoin also reached an index of 100 on June 16 with searches peaking in Nigeria.
Bitcoin is lifting the crypto markets at large, with the total market cap rising from $248.7 billion on June 9 to over $285 billion. Although currently trading down 1.48% today at $134.43, Litecoin leads the altcoins, up nearly 17% from $116 to $135.70 for the week ending June 9.