Bitcoin extends Tesla-backed rally beyond $48,000

Bitcoin hit a fresh record above $48,000 on Tuesday, a day after Tesla invested $1.5B in the cryptocurrency and, will accept the digital token as a form of payment for its electric cars, source Bloomberg.The token rose to almost $48,216 before paring some of the gains. It was at about $46,514, up 19% as of 4:50 a.m. EST.“With this kind of endorsement from a multi-billion dollar company, it's likely the price will hit $50,000 by the end of the week,” said Simon Peters, cryptoasset analyst at eToro.In the wake of Tesla’s investment, Michael Novogratz, founder of crypto investment firm Galaxy Digital, said Bitcoin may reach $100,000 by the end of the year.Crypto-linked stocks soar in premarket trading. Marathon Patent Group (MARA) surges 21.6%, Riot Blockchain (RIOT) +14.9%, MicroStrategy (MSTR) +12.6%; Canaan (CAN) +12.6%; Bit Digital (BTBT) +14.5%; Grayscale Bitcoin Trust (GBTC).Other cryptos also gain: Ethereum (ETH-USD) +8.68% to $1,777.47; XRP (XRP-USD) +8.98% to $0.4629; Stellar (XLM-USD) +2.18% to $0.3955; Doge (DOGE-USD) +5.46% to