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Bitcoin reaches highest total valuation of $14 billion

Bitcoin bounces back after a mid-2016 currency hack by posting its highest-ever valuation.

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SALT LAKE CITY, UT - APRIL 26: A pile of Bitcoins are shown here after Software engineer Mike Caldwell minted them in his shop on April 26, 2013 in Sandy, Utah. Bitcoin is an experimental digital currency used over the Internet that is gaining in popularity worldwide. (Photo by George Frey/Getty Images)
George Frey/Getty Images

Bitcoin, the digital currency that most people have never actually used, has hit a record value of $14 billion after jumping 5 percent on Thursday.

The price of a single bitcoin reached $875 on the European Bitstamp exchange, according to Reuters, which is the best the currency has done since January 2014. The currency has doubled from $435 at the start of 2016.

Experts claim the growth corresponds with a weakening in the Chinese yuan; bitcoin is apparently attractive to Chinese traders because it enables them to evade currency controls.

The value of bitcoin plummeted in August 2016 after a hacker managed to steal millions of dollars worth.

Meanwhile, the individual valuation of bitcoin is still shy of the high of $1,163 reached in late 2013.