Bitcoin jumped to its highest in eighteen months on Wednesday on safe-haven investment flows and growing expectations that Facebook's Libra could turn cryptocurrency investments mainstream.
"It obviously does appear to be benefiting from some sort of flows that gold is benefiting too," said Michael Hewson, chief market strategist at CMC Markets.
"You've got all this stuff about Libra going on which is renewing interest in bitcoin".
Bitcoin traded last at $12,485 after reaching a high of $12,935 earlier in the Asian session.
So far this year, the cryptocurrency has nearly tripled in value after being in the doldrums last year.
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