The value of  has smashed through its record price – and is continuing to rise.

The cryptocurrency, which is attracting a huge amount of mainstream attention, hit the $12,500 mark on Tuesday, easily surpassing the previous record of around $11,800 set just a day before. That made it the first time the value of bitcoin had broken through $12,000, and it is continuing to rise quickly.

Its value is $12,599, up nearly 7 per cent, as of Tuesday afternoon UK time, according to the exchange. 

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Its value is up nearly 19 per cent over last week, more than 72 per cent over last month, and more than 1,599 per cent over last year.

Bitcoin is notoriously volatile, and its value is expected to continue to fluctuate wildly.

Naturally, its spectacular rise has coincided with increasing amounts of interest, with more and more people now looking to invest. 

However, .

Numerous , though others are speculating that it could keep rising towards the $1m mark.

Bitcoin only exists online, has no central bank and isn’t linked to or regulated by any state.

 

An anonymised record of every bitcoin transaction is stored on a huge public ledger known as a blockchain. 

However, transactions made with the cryptocurrency are irreversible, which makes investors in bitcoin attractive targets for cybercriminals. 

This article is being regularly updated to reflect bitcoin’s latest value.

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