Bit coin the online virtual currency touched a new high this Thursday when the total circulation of bitcoin in market hit the level of $14 billion. Bitcoin also hit Indian market after the demonetisation. As of today the price of one bitcoin reached $875 on the Europe-based Bitstamp exchange which was around $ 450 at the starting of year.

The bitcoin is a virtual currency which is as of today on majority used in China according to the reports. As there is no central authority that monitor the price of Bitcoins, it is just the users of bitcoin that regulates the price according to market purchase of these virtual coins.

As more and more bit coins are added in circulation now as per usage hence the value crossed the $ 14 billion mark breaking the record of year 2013. The current market of bit coin saw the raise of 7% of the value.

According to Bitstamp community demonetisation in India had played a huge roll in this sudden increase of total value and in coming months the value is believed to rise more than ever.