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Bitcoin hits a document excessive of almost $ 50,000 as massive corporations change to crypto

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Tesla, led by Elon Musk, confirmed it bought around $ 1.5 billion worth of bitcoin in January and expects it to be accepted as payment in the future.

Artur Widak | NurPhoto | Getty Images

Bitcoin's price hit a new record high of nearly $ 50,000 as major Fortune 500 companies showed support for digital currencies.

The world's largest cryptocurrency by market value rose to an all-time high of $ 49,951 late Monday, just inches from the $ 50,000 level. This is based on data from the industry website CoinDesk.

The digital asset reduced some of its gains early Tuesday and rose 3.3% in the past 24 hours to a price of around $ 49,167.

The digital coin was boosted by the news of big companies like Tesla, Mastercard and BNY Mellon about the warming on cryptocurrencies.

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Katherine Clark