The price of the currency continues to rise. OKCoin said that multiple factors are driving the rise.

Bitcoin surged for the third consecutive day, with the price approaching $600, a nearly two-year high, making people sigh that "crazy Bitcoin" is back. Some analysts believe that against the backdrop of RMB depreciation, Chinese demand is the biggest driving force behind this wave of growth.

According to data from OKCoin, China's largest digital asset trading platform, the price of Bitcoin rose to 3,920 yuan per unit, equivalent to about 599 U.S. dollars, an increase of more than 1.3% from the previous day.

Over 10%, the third consecutive day of sharp rise. Over the past five months, the price of Bitcoin has been rising steadily, and this week's total increase has reached 32%, which is the largest weekly increase since the Bitcoin bubble burst in November 2013. The current price of nearly $600 has also set a new high since July 2014.

Duan Xinxing, vice president and chief researcher of OKCoin, said: "It is the first time in two years that the price of Bitcoin has returned to above $500. First, it was still led by OKCoin, China's largest digital asset trading platform (breaking $500 for the first time on May 28), and now it has been accepted by major global exchanges such as Coinbase. China's entire economic cycle has entered an L-shaped channel, and there are not many mainstream and stable investments. In the next few months, the output of Bitcoin will be halved, and Bitcoin, a "digital asset" with inherent deflationary properties, has once again become a choice for people to hold for the long term or speculate in the short term. This is not surprising. After all, it is not just China that faces this situation."

Regarding the current rise, OKCoin founder and CEO Mingxing Xu added:

“Recently, the blockchain technology underlying Bitcoin has been sought after by the world, so the attention paid to Bitcoin has also greatly increased. As the safest digital currency, the application and potential of Bitcoin are yet to be developed, and we also have confidence in Bitcoin.

As a virtual currency, Bitcoin was born on January 3, 2009. It is a decentralized, peer-to-peer (P2P) digital cryptocurrency designed by an anonymous person who calls himself Satoshi Nakamoto. It uses cryptographic design to ensure the security of each link in the circulation of currency. Even the most powerful supercomputers find it difficult to decipher these codes.