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Bitcoin Cash reaches record high value

(Image credit: Image Credit: Julia Tsokur / Shutterstock)

The new offshoot of Bitcoin has dropped in value after reaching a record high yesterday which saw the cryptocurrency peak at over $1,000. 

Last month a group of Bitcoin miners began to use different software to mine the cryptocurrency and as a result Bitcoin cash was created.  On Friday of last week, the offshoot was able to surge by 40 per cent in a single day and it reached $600.  However, Bitcoin cash has also been rather volatile during its short existence and it went as low as $293 on Thursday. 

The new cryptocurrency has quickly become the third largest digital currency and it currently sits in third place with ethereum in second and bitcoin still leading the charge. 

Last week bitcoin was able to reach a record high of $4,500 though as of Monday it is trading around $4,099. 

Cryptocurrencies are slowly winning the favor of mainstream investors who now see them as viable option for future investment.  

While this vote of confidence can been as beneficial for digital currencies as a whole it has led to their prices skyrocketing in recent weeks. 

Image Credit: Julia Tsokur / Shutterstock

Anthony Spadafora
After living and working in South Korea for seven years, Anthony now resides in Houston, Texas where he writes about a variety of technology topics for ITProPortal.