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Bitcoin breaks $12,000 barrier for first time

The cryptocurrency's value has risen 1,100 percent since the beginning of the year.

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Roslan Rahman / AFP/Getty Images

Bitcoin has rebounded from a recent slump to notch another record valuation.

Bitcoin climbed 3.86 percent on Tuesday, crossing the $12,000-per-coin mark for the first time. At this writing, the cryptocurrency was trading at $12,116 against the US dollar, a little more than a week after passing $9,000.

Tuesday's trading price gives bitcoin a market capitalization of $203 billion and historic rise in valuation of 1,100 percent since the beginning of the year.

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Despite its bull run, the cryptocurrency's lack of government backing and regulation has led to volatility. After crossing the $11,000 mark for the first time a week ago, the currency lost 20 percent of its value in one day.

It's also fed concern that bitcoin is on the edge of a bubble.

"This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes," hedge fund manager Mike Novogratz told Bloomberg at a cryptocurrency conference last week in New York.

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