Edit in JSFiddle

$(function(){
  $('.field .glyphicon').on('click', function(){
  var attr = ($(this).prev().attr('type') == 'password') ? 'text' : 'password';
  $(this).prev().attr('type', attr);
  $(this).toggleClass('active');
  });
});

<div class="field">
<input type="password" name="password" id="password">
<i class="glyphicon glyphicon-eye-open"></i>
</div>

.field{
  width: 300px;
  position: relative;
  margin: 20px;
}
.field input{
  width: 100%;
  line-height: 40px;
  text-indent: 10px;
}
.field .glyphicon{
    position: absolute;
    right: 10px;
    top: 11px;
    font-size: 20px;
    color: #1c90f3;
    cursor: pointer;
}
.field .glyphicon.active{
  color: #ccc;
}