However, Bitcoin Cash, a breakaway Bitcoin strand, is not doing very well.
On Friday, Bitcoin’s value reached a record high after there was a split in the cryptocurrency early in the week.
Bloomberg reported that Bitcoin’s exchange rate soared 16%, reaching $3,292.41. Simultaneously, Bitcoin Cash, Bitcoin’s new counterpart, dropped 62% to $274.
Bitcoin Cash was spawned by a feud over the upgrade of Bitcoin’s underlying technology, which has slowed as the cryptocurrency has grown in popularity. This feud led to the split.
The breakaway concerned investors, but Bitcoin’s rise in price appeared to indicate that the schism, at least initially, is a good foot forward for the cryptocurrency. Some Bitcoin transactions will divest from the main network later in December as the new system kicks in.