Bitcoin worth more than JPMorgan as crypto sets new historic peak above $23,000

The world’s largest cryptocurrency by market capitalization, bitcoin, has reached another milestone in less than 24 hours as its price topped $23,000.

Bitcoin jumped more than 15 percent in one day and reached $23,114 early on Thursday, setting a new historic high. It was trading above $23,000, according to Coindesk data as of 14:20pm GMT.

After the recent rally, believed to be driven by demand from larger institutional investors, bitcoin's market cap surpassed $418 billion. To put it in context, that’s more than the market capitalization of JPMorgan or Johnson & Johnson.

On Wednesday, the cryptocurrency broke past $20,000 and has remained above the psychological level since then. Other major cryptocurrencies also saw double-digit growth, with ethereum up around ten percent and Ripple’s XRP rising by 23 percent.

Earlier this week, the operator of the Chicago Board Options Exchange (CBOE) announced plans to launch cryptocurrency indexes next year in partnership with CoinRoutes, a trading software firm based in New York. The exchange is set to provide data for several cryptocurrencies with high market caps.

For more stories on economy & finance visit RT's business section