Bitcoin surged above the $11,000 mark on Monday hitting a more than 15-month high, as a high-profile project from Facebook throws cryptocurrencies back into the spotlight.

The digital coin hit an intraday high of $11,307.69 around 5:30 a.m. HK/SIN Monday, according to Coindesk's Bitcoin Price Index, which takes into account the price of the cryptocurrency across various exchanges. That's the highest level since March 5, 2018. Bitcoin had pared some of those gains and was trading at around $10,624.10 at 10:05 a.m. HK/SIN Monday.

Investors appear to be shrugging off some of the memories from the burst of the bitcoin bubble after it hit a record high of over $19,000 in December 2017. The price of the cryptocurrency came crashing down over the course of 2018 and into the start of 2019 where it fell to the low-to-mid $3,000 mark.