Bitcoin has overtaken Facebook and Tesla to become the ninth most valuable asset in the world.
The price of the cryptocurrency hit new all-time highs on Tuesday morning, taking it above $47,000 (£34,000) for the first time in its history.
The gains pushed its market capitalisation close to $900 billion, causing bitcoin to leapfrog both tech giants in terms of overall market value.
Other major cryptocurrencies have also experienced a significant surge in value in recent days, including bitcoin cash, dogecoin, ethereum and litecoin. The combined market cap of all cryptocurrencies is now $1.4 trillion, putting it on par with Alphabet (Google).
Bitcoin's price was boosted by Tesla's announcement that it had invested $1.5 billion in the cryptocurrency and would begin accepting it as payment for its electric vehicles in the future.
"This moment will likely be looked upon in years to come as a genuine tipping point; Elon Musk and Tesla's support legitimises cryptocurrency and opens up bitcoin to a whole new class of retail and institutional investors," said Dermot O'Riordan, a partner of venture capital firm Eden Block.
Source: Independent
