Bitcoin continued its rally early Friday, hitting a record $118,239 as of around 0610GMT.
The cryptocurrency has rallied for two days, surpassing levels of $113,000 and $115,000 in less than 24 hours.
After hitting another all-time high, the price of Bitcoin is around at $117,820 as of 0700GMT, rising 5.8%.
According to data from analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, rose approximately 5.92% over 24 hours, reaching $3.67 trillion.
The price of Bitcoin, the largest cryptocurrency by market capitalization, is up almost 26% since the start of this year.
The price of Ethereum, the second-largest cryptocurrency by market capitalization, gained around 7% in value, rising to $2,993.