Bitcoin shot up 7.07% to $47,587.38 on Friday, extending its previous close by $3,142.93.
The latest update suggests that Bitcoin is now 71.6% above its January 4 year low of $27,734.
The second widely acknowledged coin, Ether, the coin linked to blockchain network Ethereum, rose 7.86% on Friday to $3,284, adding $243.55 to its previous closing price.
While it continues to test Bitcoin at a distance of several thousand dollars, the potential applications of the Ethereum platform, lower environmental impacts, and technical upgrades are classified to give it a better performance advantage over Bitcoin.
Both Bitcoin and Ethereum operate on a proof-of-work system that requires a global network of computers that runs 24/7.
While Bitcoin still largely uses carbon emissions to secure its network and mining operations, software developers at Ethereum are taking a very different approach to secure its network as it strives to eliminate the carbon emission issue.
For more information, read the original story in Reuters.