Bitcoin climbs 4% to a new high before paring gains as the cryptocurrency's record-breaking surge continues

• Bitcoin climbed 4% to a new 24-hour high late Thursday.
• The price of bitcoin hit 48,929.36 on February 11 at 7:08PM E.T. before paring gains on Friday.
• The surge comes after institutional backing from industry giants including Tesla, Mastercard, and Bank of New York Mellon.
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Bitcoin's rally continues, as the token touched a new 24-hour record high late Thursday before paring gains on Friday.

The popular cryptocurrency rose 4% to a new 24-hour high of 48,929.36 at 7:08PM E.T. Thursday evening.

Institutional backing from industry giants including Tesla, Mastercard, and Bank of New York Mellon has fueled the cryptocurrency's surge, which broke one record after another in just the last week. In other developments, Andrew Yang on Thursday said he will transform New York City into a hub of cryptocurrencies if elected as mayor.

The price of bitcoin has swung wildly in the past months climbing from around $19,000 in December to its current price approaching $50,000.

"Yes, [bitcoin] has risks but where there are risks, there are definitely also opportunities," Julius de Kempenaer, senior technical analyst at StockCharts told Insider. "But for those who know what they are doing, have proper risk management in place, can handle the stress, and can afford the potential losses - give it a go."