Bitcoin hit a new record high on Friday.

At the time of writing, the largest cryptocurrency by market capitalisation touched $41,257, exceeding the all-time high of $40,123 recorded on Thursday, as per a CoinDesk report.

Year-to-date gains are now more than 40%, and prices have more than doubled in under a month as the bull run continues.

Jehan Chu, CEO at Hong Kong-based trading firm Kenetic Capital, told CoinDesk: “Fundamentals have gone out the window and irrational exuberance may accelerate Bitcoin past the $50k level ahead of the second schedule.”

Bitcoin’s price rally is bolstered by a rise in on-chain activity and heightened accumulation by large investors.

Indeed, according to data provider Glassnode, the number of active addresses has risen to an all-time high of 1,343,925, topping the previous record high from December 2017.

The number of addresses holding a minimum of 1,000 BTC has rallied from a dip at the end of last month to reach a new record high of 2,334.

Moreover, Bitcoin also exceeded the market cap of Chinese giant Tencent, Cointelegraph reports, and also briefly surpassed electric car firm Tesla, as the price reached the $41,000 level.

As BTC/USD crossed the $40,000-point, Bitcoin's market cap increased to unparalleled levels, topping out at $745 billion. A day later, after a correction, the figure stood at $737 billion before regaining its previous record.

In addition, Tesla reported a swift 7.3% daily gain, topping Bitcoin again, reaching $773 billion as Bitcoin once again hit $40,000.

Furthermore, at $716 billion, Chinese tech giant Tencent’s market cap was also surpassed by Bitcoin.