Bitcoin logged its best performance for the month of January since 2013 driven by safe-haven buying as global equity markets remain shaky following the outbreak of the coronavirus from China.

The cryptocurrency was up over 29% in January as the market capitalization or value of all bitcoin in circulation rose by $39.7 billion. The percentage gain was the best since January 2013 when bitcoin was up 54% for the month.

Industry experts said a number of factors including the coronavirus and a return to work after the Lunar New Year holidays in Asia helped prop up bitcoin's price.

The coronavirus, which originated from Wuhan, China, has spread to other areas of the world. More than 360 people have died in China from the virus. Some airlines have ceased flights to China, companies have halted operations for longer than usual over the holiday period and fears are growing that global growth could suffer.

Nigel Green, CEO of deVere Group, a financial services and advisory firm, called bitcoin a "safe-haven asset in times of uncertainty" and said that is why it's seen a boost in the past month.

"The ongoing upward trajectory of the price of bitcoin correlates to the spread of the coronavirus," Green said in a note on Monday. "The more individual cases that are identified, the more countries around the world that are affected, and the greater the impact on traditional financial markets, the higher the price of bitcoin has jumped."