NEW YORK (Reuters) -Bitcoin rallied to all-time highs on Thursday, powered by demand from institutional investors and friendly policies of U.S. President Donald Trump's administration.

The world's largest cryptocurrency rose to a peak of $116,046.44 as of 2127 GMT, breaking the $113,734.64 record scored earlier on Thursday. It is now up about 24% this year.

In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Paul Atkins and White House artificial intelligence czar David Sacks.

Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, SEC filing on Tuesday showed.

Ethereum rose 3.01% to $2,905.24 as of 2130 GMT.