Bitcoin kicked off the week handily above $10,000 on Monday amid what appears to be a sustained recovery for the cryptocurrency.
The digital coin traded around $10,822 as of Monday morning, according to Coindesk, down from topping $11,000 over the weekend but still solidly above its lows of $3,000 hit at the start of the year.
Bitcoin has quietly been staging a recovery this year amid expectations that the non-fiat, peer-to-peer digital currency will continue to be a payment of choice globally, and is not in imminent danger of being replaced by something else.
"Bitcoin is having an excellent year as it continually reaches new 12-month highs, reviving investors' interest in the currency," TheStreet's Jordan French wrote last week. In fact, "bitcoin is outpacing more traditional investment instruments such as stocks, bonds, gold and oil, buoying its role as an integral financial vehicle."
Indeed, Bitcoin has been receiving an added jolt from Facebook's (FB - Get Report) announcement earlier this month of the rollout of its own digital currency -- coined Libra -- which is seen as giving a credibility boost to the global shift toward methods of payment not tied to physical currencies or the finances of countries.
Touted by the social media giant as a new decentralized, low-volatility method of payment pegged to a basket of global fiat currencies, several big-name tech and financial services companies including Uber Technologies (UBER) , PayPal (PYPL - Get Report) , Visa (V - Get Report) and Mastercard (MC - Get Report) are reportedly backing the initiative.
Shares of Facebook were up a little over 1% at $193.10 in early trading on the Nasdaq Stock Market.
- Why Facebook's Libra Is Good for Cryptocurrencies
- Why Facebook's Libra Isn't Likely to Be a 'Bitcoin Killer'
- Bitcoin at $1 Million Is Not Out of the Question, Says James Altucher