Bitcoin values hit new highs

The digital currency isn't going away...

Bitcoin values hit new highs

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The total value of Bitcoins in circulation has hit a record high - passing $14bn as the digital currency rises again.

It jumped by 5% yesterday to its highest value in three years, one Bitcoin currently buys $906 and €876.

This is an increase of more than 100% compared to the start of 2016 when one coin was worth $435.

Movements in the value of the cryptocurrency have not always made sense - surprise spikes have occurred following heavy trading in China.

The country is where over 90% of Bitcoin transactions take place and the rise of the currency's value as occurred as yuan values have retreated.

In 2016 Bitcoin has acted as a commodity as much as a currency, its volatility has led to a high level of hoarding as investors hold on to coins hoping that the next upward swing in its value is just around the corner.

Bitcoins are mined by computers who unlock them by solving codes - they are being released at a rate close to 12.5 every 10 minutes.

Its value peaked in late 2013 when one Bitcoin bought $1,163.