- Bitcoin rallied above the $590-level on Monday, as ongoing optimism over the outlook for the digital currency continued to boost prices.

Bitcoin (BTC-eUSD) hit a session high of $593.48 on Slovenia-based BitStamp, the most since March 21. Prices last traded at $581.89 during U.S. morning hours, up 1.52%, or $8.74.

The price of a Bitcoin on Bulgaria-based BTC-e rose 1.06%, or $6.00, to trade at $571.40.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency advanced 1.46% to trade at $578.42 after hitting a daily peak of $589.95.

Bitcoin prices have surged in recent sessions, following weeks of steady decline and stagnation amid speculation the digital currency will become more mainstream. Bitcoin has rallied nearly 23% since May 20.

Bitcoin is digital cash for the internet and it is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

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