Bitcoin soars to new record, 2020 rally powers on

Bitcoin is on course to end the year with a bang, having surged more than 295% in 2020.

On Wednesday (Dec 30) the cryptocurrency hit a fresh record of over $28,500.

The rally comes amid heightened interest from bigger investors.

The world's most popular digital currency was last up 3.7%.

Since breaking $20,000 mark for the first time on December 16th it has surged by nearly half.

Bitcoin has increasingly seen demand from larger U.S. investors.

They are attracted to its perceived inflation-hedging qualities and the potential for quick gains.

There are also expectations it could become a mainstream payments method.

Previous worries about the nature of the virtual currency market have also been soothed by tighter regulation in the U.S.

But many investors remain wary.

Bitcoin is still prone to extreme fluctuations in value.