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Bitcoin continued its winning streak on Friday, scaling another all-time-high on July 11, as institutional investors powered demand amid friendly policies of US President Donald Trump's administration.

Bitcoin prices breached the $116,000 mark earlier in the day for the first time ever and continued to move up as demand soared, according to reports by Reuters and Bloomberg.

The world's largest cryptocurrency rose to a peak of $116,781.10 in the Asian session on Friday, as per a Reuters report.

As Bitcoin moved past $116,000 for the first time, the open interest, or the number of outstanding contracts on the Deribit exchange, has become concentrated around Bitcoin call options with $115,000 and $120,000 strike prices, Bloomberg reported.

Bitcoin has rallied more than 24 per cent this year, a sharp turn from the once-dwindling prices the cryptocurrency faced a some months back. 

In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Paul Atkins and White House artificial intelligence czar David Sacks.

Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, a SEC filing on Tuesday showed.

Ether, the world's second-largest cryptocurrency, similarly jumped more than 5% to last trade at $2,964.02, after earlier hitting a five-month high of $2,998.41.

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