Investing.com - Bitcoin rose above the $500-level on Thursday, as renewed optimism over the outlook for the digital currency boosted prices.
Bitcoin (BTC-eUSD) rallied to a session high of $528.87 on Slovenia-based BitStamp, the most since April 17. Prices last traded at $513.89 during U.S. morning hours, up 4.11%, or $20.30.
The price of a Bitcoin on Bulgaria-based BTC-e rose 4.75%, or $22.70, to trade at $501.00.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency advanced 3.89% to trade at $508.20.
Bitcoin prices have surged in recent sessions, following weeks of steady decline and stagnation.
Sentiment on the digital currency improved after Bitcoin payment processor BitPay said Wednesday it was partnering with renowned gold trader Peter Schiff to allow investors to buy gold and silver through Schiff’s Euro Pacific Precious Metals by using the digital currency.
Meanwhile, web browser pioneer Marc Andreessen proclaimed on Wednesday that in 20 years Bitcoin will be talked about in the same way we talk about the internet today.
Additionally, Bitcoin investor Tyler Winklevoss claimed earlier in the week that Bitcoin was going to have a bigger impact on the world than Facebook.
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.