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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Ty Pendlebury has worked at CNET since 2006. He lives in New York City where he writes about streaming and home audio.
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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.