Bitcoin’s price broke above $50,000 for the first time in history Tuesday, continuing its blistering rally as major companies appear to be warming to cryptocurrencies.
The world’s largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. ET, according to data from Coin Metrics. It later fell below the mark, trading 0.2% higher at a price of $48,760.
Bitcoin has gotten a boost from news of large firms like Tesla and Mastercard showing support for crypto.