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Bitcoin passes $4,000 mark to reach all-time high

Bet you're wishing you kept that old hard drive full of bitcoin now...

Utah Software Engineer Mints Physical Bitcoins

George Frey/Getty Images

Bitcoin has passed another major milestone, crossing over the $4,000 threshold on Sunday. The cryptocurrency, which has only been in existence for seven years, reached a high of $4,224 (equivalent to £3,244 or AU$5,343) shortly after 9 a.m. UTC on Sunday.

Bitcoin reached its highest ever closing price on Sunday. 

Coindesk screenshot by Claire Reilly/CNET

It's been a swift rise for bitcoin, which only passed the $3,000 marker for the first time at the start of the month. The rise also comes fresh off the heels of the so-called "hard fork" in bitcoin which saw a new virtual currency called Bitcoin Cash split off from bitcoin proper on August 1.

The split was designed to deal with the growing popularity of bitcoin, which was struggling to support an increasing number of transactions using existing blockchain technology, though the move left many wondering whether market values would fall.

But bitcoin seems to have defied expectations, pushing through the $4,000 barrier with ease, though there's no certainty on where values are headed -- particularly as we push closer toward the day when every bitcoin is mined.

Still, this is for sure: Purchasing 1 bitcoin for 8 cents back in 2010 would have netted you a 52,800-fold return today.

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