Bitcoin continues meteoric rise to surpass $4000

Cryptocurrency Bitcoin hit another record high on Sunday and surpassed the $4000 mark for the first time.

Bitcoin pushed even higher after breaching that psychological level, hitting a high of $4251.02 before falling slightly on Monday to change hands at $4240.96, according to Coindesk.

Prices took a breather in July following a sharp run-up since February, when it broke the $1000 level for the first time.

The digital currency was founded in 2009 and has become a major force in online trading, with many of the largest companies now accepting it as payment for goods and services, among them Microsoft.

Its rise in value has been mostly attributed to a crackdown on its use in China, where authorities have moved to stem the outflow of currency from the country.

Despite Beijing's attempts to lower its value, increased demand has sent it to an all-time high.

Bitcoin has proved to be a volatile investment for traders, particularly after a new form of the digital currency -Bitcoin Cash - was created earlier this month.

The new alternative comes on the heels of a disagreement between members of the Bitcoin community and claims to be optimised for faster and cheaper transactions.