Bitcoin prices slip after climbing to a one-month high yesterday

Courtney Goldsmith
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Bitcoin is known for being a volatile currency (Source: Getty)

Bitcoin prices have stumbled today after reaching a one-month high as scaling plans progressed with the digital currency's underlying technology.

The top cryptocurrency was trading 5.08 per cent lower at $2,731.24 this morning after rising to more than $2,850 late last night for the first time in more than a month, according to CoinDesk's aggregate price.

The last time prices reached that level they surpassed $3,000 to set a record high.

The long-running scaling debate has progressed this week with an upgrade to the system's code called Bitcoin Improvement Proposal (BIP) 91 being "locked in".

While nothing is set in stone yet, bitcoin's software may be moving closer to being able to support more transactions, which was a positive development for investors.

Investors still face a number of potential outcomes, however, as rival software updates could still create a so-called "hard fork" and split the cryptocurrency in two.

Read more: Bitcoin regains ground after tumbling over the weekend

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