Bitcoin recorded its best performance in January since 2013, as investors turned to safe-haven assets because of an epidemic with a coronavirus in China that is shaking stock markets.

The world’s largest cryptocurrency added more than 29% to its value in January 2020, and market capitalization, or the value of all bitcoins in circulation, jumped by 39.7 billion USD. The percentage growth is the largest since January 2013, when the Bitcoin increased by 54% for the month.

The industry experts believe a number of factors, including the coronavirus and the return to work after the holidays around Asia’s Lunar New Year, have helped raise the price of the Bitcoin.

Nigel Green, CEO of financial services company deVere Group, describes Bitcoin as an “asset-haven in times of uncertainty”, adding that it has been the cause of its growth over the past month. “The continuing upward trajectory of the bitcoin price is consistent with the spread of the coronavirus. The more cases of the disease are established, the more countries in the world are affected and the greater the impact on traditional financial markets, the higher the price of bitcoin”, notes he.

Meanwhile, trade is accelerating after the Lunar New Year celebrations in a number of Asian countries. Some markets have a few more days of rest, but many returned to work last week.

In addition to the coronavirus, traders also monitor the development of the technical aspect of Bitcoin. The so-called “The Halving” event (the miners’ remuneration for each excavated block will be halved) occurred in May and is related to the technology behind bitcoin – blockchain. Miners with special computers compete to solve complex mathematical problems to validate bitcoin transactions. Whoever wins this race receives a Bitcoin prize.

The miners are currently being rewarded with 12.5 bitcoins per excavated block. Prizes are halved every few years. By May 2020, the miners’ reward will again be reduced to 6.25 bitcoins, essentially limiting the supply of cryptocurrency to the market.

Previous such events have preceded a large increase in the price of Bitcoin.

“Bitcoin’s rise in price and its recent rise, fueled by fears of a pandemic and stock market turmoil, once again remind it that it is far less risky and offers potentially high returns,” says Jehan Chu, co-founder of the blockchain-focused company Kenetic Capital. He predicts that the cost of a bitcoin can reach 15,000 USD by mid-2020.