On Tuesday, cryptocurrencies extended their gains with Ethereum and Bitcoin reaching record highs; the development comes in the wake of Tesla investing $1.5 billion in bitcoin.

Bitcoin posted its biggest daily percentage gain in more than three years overnight following Tesla Inc’s disclosure of its investment in the bitcoin in its 2020 annual report.

On Tuesday, prices of Bitcoin jumped by 2.5% to hit a record high of $47,565.86; Bitcoin has gained more than 61% this year, while Ethereum hit a record of $1,784.