The price of the digital currency has made a sudden leap overnight and continues to move towards $500 mark. The rally is pushed by Chinese exchanges.

Bitcoin price jumped 5% in 7 hours and continues to grow. At the press time, bitcoin fluctuates around $476 according to CoinDesk BPI. The rally started around 23:00 GMT on 26 May.

As before, the price is pushed forward by the growing demand on Chinese market. According to bitcoinity.org, OKCoin and Huobi account for 94% of the trading volume. At the peak time at OKCoin 8.7k BTC were sold in one minute.

The upward trend can also be associated with negative dynamics of US dollar. Dollar price can be adjusted downwards after the publication of April data for durable goods orders in the USA. According to US Department of Commerce, the index has risen 3.4% instead of predicted 0.5% growth.

Bitcoin price fluctuated between $440 and $450 during the last week that now seems as a consolidation period before yet another rally.

Nadya Krasnushkina