Bitcoin jumped to its highest in over a year on Monday, adding to a 2020 rally that has seen it more than treble in price since March.

The biggest cryptocurrency gained 4.4% to $12,424, its highest since July 2019. Bitcoin has soared over 70% this year, making it one of the strongest performing assets.

Plummeting interest rates and huge bond-buying programs by central banks across the world have boosted demand for the cryptocurrency, seen by some investors as a hedge against inflation due to its capped supply.