14:05 GMT28 February 2021
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    The latest surge brings it past its previous record of $47,387 after the popular cryptocurrency gained 5.7 percent.

    Bitcoin has set a record jumping more than 8 percent to $48,481, continuing the upward trend after Tesla purchased $1.5 billion of the virtual currency.

    Earlier in the day, Elon Musk, whose comments on social media appear to have been driving bitcoin's value up, posted a cryptic Lord of the Rings-styled reference to the cryptocurrency, while also indirectly mentioning the dogecoin.

    Tesla, Musk's electric car giant, has recently bought $1.5 billion of the bitcoin, which spurred the cryptocurrency's record-breaking growth.

    The maverick has said that Bitcoin has a good chance of becoming widely accepted in the conventional finance world, believing the cryptocurrency to be "a good thing".

    Tags:
    record, bitcoin
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