Bitcoin rocketed higher Wednesday, crossing the $14,000 mark less than 24 hours after topping $12,000.
The landmark happened on the Coinbase exchange just before 6 p.m. ET, and it traded as high as $14,400 on that platform.
The digital currency's gains accelerated after crossing the psychologically key level on Tuesday night. Bitcoin now has a market value of more than $230 billion, meaning it would rank among the 20 largest stocks in the S&P 500.
The latest swing higher came as bitcoin topped $12,000 Tuesday night in a rapid recovery from a 20 percent drop last week.
The digital currency began the year below $1,000 and its gains have accelerated as investor interest grows. Chicago-based Cboe Global Markets is planning to launch bitcoin futures on Sunday, while the world's largest futures exchange, CME , is set to launch its futures product the following week. The addition of bitcoin futures by two respected exchanges marks another step towards establishing the digital currency as a legitimate asset class.
However, many remain critical of bitcoin. JPMorgan Chase Jamie Dimon has called bitcoin a "fraud." Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are "going to be the biggest bubble of our lifetimes." Novogratz also predicted last week that bitcoin could reach $40,000 by the end of next year.
The bitcoin offshoot, bitcoin cash, traded 2.5 percent lower near $1,465, while ethereum traded 6 percent lower near $435, according to CoinMarketCap.