Bitcoin soars to record high following cryptocurrency split – CNET

Bitcoin cryptocurrency

Bitcoin has enjoyed a good weekend.

Vyacheslav Prokofyev

The value of bitcoin soared to a record high on Friday, following a split in the cryptocurrency the previous week.

The cryptocurrency’s exchange rate jumped 16 percent to $3,292.41, reported Bloomberg, whereas the price of its new counterpart Bitcoin Cash plummeted 62 percent to $274.

The split that spawned Bitcoin Cash occurred following a feud about the best way to upgrade the cryptocurrency’s underlying technology, which has slowed with bitcoin’s growing popularity.

The schism worried investors, but the rising price of bitcoin seems to indicate the split has, initially at least, proved a step in the right direction for the digital currency, which will start to see some transactions moved off the main network later this month as the new system comes into play.

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