Bitcoin tested 15-month highs today after jumping more than 10% over the weekend, with analysts putting the spike down to growing optimism over the adoption of cryptocurrencies after Facebook unveiled its Libra digital coin. 

The biggest cryptocurrency hit $11,247.62 on the Bitstamp exchange last night, its highest since March last year. 

It later pulled back, and was last up 0.7% at $10,917. 

Facebook said last week it planned to launch a new cryptocurrency called Libra, though the announcement immediately led to questions from regulators and politicians across the world. 

Analysts 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. 

Other traders cited geopolitical factors from tensions in the Gulf region to the US-China trade war as fuelling interest in bitcoin, which has more than doubled in price since March. 

Some investors have looked to bitcoin and other cryptocurrencies as a hedge against possible declines in domestic currencies, traders said.

Cryptocurrency markets are opaque, and it is difficult to pinpoint exact catalysts for price moves. 

Between 10pm on Friday and 3am on Saturday alone, bitcoin rose more than 10%. 

In late March, bitcoin broke out of a spell of limited price moves. 

It has since risen more than 160%, an ascent peppered by double-digit price swings that have reminded some of its retail investor-fueled 2017 bubble. 

Bitcoin's volatility has been a boon to larger investors such as hedge funds, and other investors searching for returns as central banks across the world lean towards lower interest rates.

Meanwhile, gold prices hovered near a six-year high today, with demand for the safe-haven metal boosted by dovish signals from major central banks. 

Bitcoin, which accounts for over half of the cryptocurrency market, has more than trebled in price since touching its lowest this year in January.