Bitcoin Touches Fresh Record High as Cryptomania Continues

Author:
Publish date:
Video Duration:
1:29

Cryptomania, for lack of a better term, continues.  

Bitcoin surged to a fresh record Tuesday, surging above $48,000 for the first time and pulling other digital tokens up with it, following Tesla’s (TSLA) - Get Report disclosure that it has made a $1.5 billion investment in the world's largest cryptocurrency.

Bitcoin traded as high as $48,226, according to CoinDesk. At last check it was at $45,828, up 16.03%. Other cryptocurrencies were also trading higher; Ethererum was up 5.08% at $1,748.21, while XRP was up 7.45% at 46 cents.

In a regulatory filing on Monday, Tesla said it would begin accepting bitcoin as a form of payment for its electric cars - a move widely seen as an endorsement of the cryptocurrency by a mainstream company and a step toward corporate adoption. 

Tesla CEO Elon Musk has for weeks been commenting about digital coins, most recently about Dogecoin, an open-source cryptocurrency started in 2013 as a joke based on a popular meme featuring a Shiba Inu dog, that sent that the cryptocurrency to a record high on Monday.

JPMorgan in early January predicted bitcoin could reach $146,000, though more as it becomes seen as a mainstream alternative to gold. Following Tesla's announcement Monday, Michael Novogratz, founder of crypto investment firm Galaxy Digital, said bitcoin may reach $100,000 by the end of the year.

Latest Videos From TheStreet and Jim Cramer: