Bitcoin hit another all-time high Wednesday evening, surpassing $6,900 for the first time.

The cryptocurrency has had a bullish streak throughout the week following the CME’s announcement that it will introduce bitcoin futures contracts.

According to data from CoinDesk, the virtual currency reached an all-time high of $6,922 at about 9:36 p.m. ET.

A surge in the digital coin’s value saw the total market value of all cryptocurrencies top $188 billion for the first time Wednesday. The market cap of bitcoin alone is currently $115 billion, according to data from industry website Coinmarketcap.

On Tuesday, the CME Group, the world’s largest derivatives operator, said it would introduce bitcoin futures contracts. The introduction of such a product could bring more institutional investors into the market. Analysts believe this has been boosting the price.

CME said its bitcoin futures contract would be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), launched in November last year with London-based online trading platform Crypto Facilities.

The digital currency’s price has risen almost 600 percent since the beginning of the year. Bitcoin was trading at $6,862.91 at 1:55 a.m. ET, according to CoinDesk.

– CNBC’s Arjun Kharpal and Evelyn Cheng contributed to this report