Bitcoin went up above $9,000 over the weekend, taking cumulative year-to-date profits to more than 150 percent .

The major cryptocurrency by market worth clocked a 13-month high of $ 9,391 on Bitstamp on Sunday and was last seen dealing at $ 9,200, indicating 22 percent gains on last Monday’s low of $ 7,524.

Cryptocurrency market experts and traders are associating the sharp price gains seen over the last six days with a number of factors, the most crucial being Facebook’s coming foray into cryptocurrencies.

Facebook to kick off ‘GlobalCoin’:

The social media giant is ready to unveil its own stablecoin, reportedly called GlobalCoin on Tuesday, June 17, with a start to follow in 2020.The project has reportedly already guaranteed the backing of over a dozen firms and is seen promoting the pace of widespread cryptocurrency adoption by many including Barry Silbert, the founder and chief executive of Digital Currency Group.

Binance.com bars US customers:

Binance.com, the world’s largest cryptocurrency by trading volume, updated its terms of use on June 14 to exclude all users in the U.S. The proclamation led to a sharp sell-off in Binance’s very own native asset, Binance Coin (BNB). The slide implies that investors have rotated money out of BNB and possibly into bitcoin, pushing the top cryptocurrency higher.

Litecoin approaches ‘halving’ event:

The upcoming litecoin (LTC) halving, set to trigger on August 5, 2019, will slash the reward gained from mining the cryptocurrency by half, meaning LTC will become a more scarce asset overall. Litecoin has already rallied 353 percent this year and may have added fuel to the ongoing bitcoin’s price rally.