Bitcoin blasted to another all-time high of just over $17,750 on Friday, up 8% on the day, as concerns grew over the risks of investing in the highly volatile and speculative instrument.

The cryptocurrency’s staggering price rises – more than 1,700% since the start of the year – have driven worries that the market is a bubble that could burst in spectacular fashion.

Bitcoin has climbed more than 77% so far in December alone, putting it on track for its best month in percentage terms since December 2013.

On Friday it reached as high as $17,752.99 on the Luxembourg-based Bitstamp exchange.

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