Bitcoin skyrocketed past $7,400 on Friday, hitting yet another record high.

The virtual currency had shot past the $7,000 mark for the first time Thursday and finished on $6,895.41 toward the end of the session.

According to CoinDesk, the cryptocurrency reached a renewed all-time high of $7,454.04 at 6:40 a.m. ET Friday, after opening at $7,030. The jump in price saw bitcoin rise 6 percent.

Analysts believe more institutional investors could warm to the digital token after derivatives operator CME Group announced it would introduce bitcoin futures contracts this year.

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