Photo: CFP

Bitcoin soared above $50,000 for the first time on Tuesday after jumping almost 75 percent so far this year as heavyweight companies back the world's most popular virtual currency.

At around 1235 GMT, bitcoin hit an all-time high of $50,547.70, a 4.4-percent gain since Monday.

"The crypto king has crossed the 50K price level for the first time as institutions are all over it," said AvaTrade analyst Naeem Aslam.

"There is a lot of FOMO (fear of missing out) among traders as the price is going through the roof and we have limited supply," he added.

Bitcoin later pulled back to stand at $49,505.35 at about 1255 GMT.