Bitcoin soared to a new record high on Thursday, at one point peaking close to $24,000 per coin, as its 2020 rally continues. It comes just a day after the world's leading cryptocurrency passed $20,000 for the first time. 

This year's record surge has been put down to increased interest from larger investors. Bitcoin's supply is capped at 21 million, and that means investors see it as good bet against inflation risks, as governments and central banks continue to roll out COVID-19 stimulus plans.

Bitcoin jumped by more than 10.5 percent to $23,770.85 on Thursday, which means its value has more than tripled this year. Larger investors have become more attracted by its potential for quick gains and perceived inflation-beating qualities.

Cryptocurrencies first emerged more than a decade ago but for several years were not taken seriously, being associated with trading glitches, hacks and wild price swings. It is only in the past few years that they have started to attract more mainstream interest.

Bitcoin remains less regulated than most traditional assets. But institutional investors have begun to shed scepticism as better market infrastructure makes crypto trading more accessible.

As of now, still a relatively small number of people or businesses across the world are using bitcoin for purchasing and trading. With no end in sight for its rising value, that could be set to change sometime soon.