Bitcoin hit a new record high of over $6,300

Bitcoin posted a new record high on Sunday evening, before pulling back.

The digital currency rallied against the dollar to hit a high of $6,306.58 on Sunday evening. That surpasses bitcoin's previous high of $6,150, recorded earlier in the month.

Bitcoin has pulled back slightly on Monday morning and is trading at $6,111.14 as of 7.35 a.m. BST (2.35 a.m. ET).

The exact causes of the weekend's record-breaking rally aren't clear. Bitcoin was falling most of the last week after a so-called "hard fork", which split the underlying software of the currency to create a new cryptocurrency. Momentum only really turned around on Sunday.

Bitcoin has been on an absolute tear in 2017, rising over 500% against the dollar so far this year. The price rise has been driven by increasing mainstream adoption and awareness of bitcoin and cryptocurrencies more generally. At least 55 cryptocurrency hedge funds have sprung up this year, many of them focusing on bitcoin.

Last week, renown Silicon Valley investor Peter Thiel said people are "underestimating bitcoin."

(BUSINESS INSIDER)