Bitcoin's pushing hard to new levels... not bad for an asset that closed 2020 at $29,000 Image Credit: Gulf News

New York: Bitcoin blew through another milestone, surging past $50,000 for the first time as the blistering rally in the largest cryptocurrency continues to captivate investors worldwide.

The world's largest cryptocurrency reached about $50,191 as of 7:32am in New York and is now up about 73 per cent so far this year. Ether, a rival crypto, hit a record on Friday and is up about 140 per cent year-to-date.

After ending last year with a fourth-quarter surge of 170 per cent to around $29,000, Bitcoin token jumped to $40,000 seven days later. It took just nearly six weeks to breach the latest threshold, buoyed by endorsements from the likes of Paul Tudor Jones, Stan Druckenmiller and Elon Musk.

Bitcoin traded for a few cents for several years after its debut more than a decade ago.