Bitcoin Cash breaks $1,000

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

Last month, a group of Bitcoin miners implemented a hard fork of the blockchain and as a result Bitcoin Cash was created. On Friday of last week, the offshoot was able to surge by 40 percent 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 quickly become the third largest digital currency in the days following its launch, before being surpassed by Ripple shortly after. 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 this week 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.

Published under license from ITProPortal.com, a Future plc Publication. All rights reserved.

Image credit: ulchik74 / depositphotos