The biggest cryptocurrency hit $11247.62 (R160798) on the Bitstamp exchange late on Sunday, its highest since March last year. It later pulled back, and was last up 0.7 percent at $10917.
Facebook said last week that it planned to launch a new cryptocurrency called Libra, though the announcement immediately led to questions from regulators and politicians across the world.
Mati Greenspan, an analyst at eToro, said bitcoin’s gains underscored growing optimism among retail investors that Facebook’s plans were part of a wider trend of major companies adopting cryptocurrencies.
“Traders are speculating on future involvement of large players like Facebook,” he said. “They believe that Libra will create mass awareness of cryptocurrencies and act as a gateway to adoption.”