Bitcoin tipped for record run as value hits $50,000

Supportive views from billionaire Elon Musk and the direct listing of digital-currency platform Coinbase Global also fueled optimism.

Bitcoin was invented by Satoshi Nakamoto in 2008 as a digital form of money and has proved popular with internet personalities. Picture: PA 

Bitcoin topped the closely watched $50,000 level again in an ongoing recovery in the cryptocurrency market from a disorderly rout just three months ago.

The largest virtual coin advanced as much as 4.2% to almost $50,440 in Asian this morning, with other tokens including Ether and Cardano’s ADA also rising. Bitcoin was last above $50,000 in mid-May.