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Investing.com - Bitcoin prices rebounded from the lowest level in more than a year on Monday, as investors returned to the market to seek cheap valuations.

Bitcoin (BTC/USD) climbed $9.35, or 3.5%, to trade at $276.80 on Slovenia-based BitStamp during U.S. morning hours.

Prices tumbled to $255.83 on Sunday, a level not seen since November 2013, as bearish chart signals weighed.

The price of a bitcoin on Bulgaria-based BTC-e rose $4.41, or 1.66%, to trade at $270.63, while prices on Singapore-based itBit picked up $7.54, or 2.89%, to trade at $268.54.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency advanced $6.45, or 2.45%, to trade at $270.09.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) eased up €3.44, or 1.53%, to trade at €227.76 on U.S.-based Kraken Exchange.

Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China increased 45.25 yuan, or 2.79%, to trade at 1,666.00 yuan, while prices on Beijing-based OKCoin tacked on 33.57 yuan, or 2.06%, to trade at 1,664.94 yuan.

Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

Bitcoin's market cap has been on a steady decline in recent months, even as the virtual currency has been getting more popular with merchants and retailers, including PayPal, Expedia, Overstock.com and Dell.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.