The world's most popular cryptocurrency was last traded Tuesday at $47,711 a coin - an almost 20% rise on its Monday closing price of $39,871.80
On Monday the cryptocurrency went wild after the world's wealthiest man said he was buying the asset like never before.
Elon Musk - Tesla, Inc. chief executive officer and SpaceX owner - told the U.S. Securities and Exchange Commission late Monday the motor-vehicle manufacturer bought $1.5 billion of the cryptocurrency in January, according to a filing.
The most sought-after virtual currency rose 14% on the news to hit a new peak past $44,000 before easing to its closing price.
Meanwhile, Tesla shares were expected to open down 0.56% Tuesday on the Nasdaq. They rose 1.3% Monday on the Bitcoin news and the filings.
Musk's latest cryptocurrency purchase amounts to 10% of Tesla's cash reserves and is the biggest corporate acquisition of Bitcoin.
Meanwhile, Tesla said it will start accepting Bitcoin as payment.
The California-based electric vehicle company said it was trying to maximize returns on cash that Tesla isn't using in its day-to-day operations.
Musk added "#bitcoin" to his Twitter profile page - which propelled a 300% rise for the coin compared with its price this time a year ago.
Even Dogecoin, a digital currency that started off with a logo of a surprised Shiba Inu dog, has risen nearly 1,000% over the past week - its own record.
Tesla had almost $20 billion in standby cash and cash equivalents at the end of last year, based on its most recent Securities and Exchange Commission filing.
"I do at this point think that bitcoin is a good thing, and I am a supporter of Bitcoin," Musk said on social media chat site Clubhouse two days after his Twitter comment.
While Bitcoin and other virtual currencies normally go down and up together, the latest ascent stands out for its size: for the first time, the value of all cryptocurrencies broke past the $1 trillion mark in the last 30 days.
Meanwhile, Apple, Inc. should follow in the footsteps of Tesla investing in Bitcoin, RBC Capital Markets said.
According to cryptocurrency analyst Mitch Steves, Apple could create a new market for growth if the company were to develop its Apple Wallet into a digital currency exchange.
