Bitcoin Soars Above $2,400

Digital currency bitcoin hit a fresh record high on Wednesday, surging above $2,400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology.

Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator.

Bitcoin hit a record of $2,409 BTC=BTSP on the BitStamp platform and was last up 4.3 percent at $2,363. So far this year, the price of bitcoin has more than doubled.