Bitcoin cash price jumps above $1,000 in stunning rise

 
Courtney Goldsmith
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Watch out bitcoin, there's a new digital currency on the block (Source: Getty)

Bitcoin cash, the newly created cryptocurrency, just smashed a fresh record high.

The cryptocurrency, which was formed when bitcoin's blockchain forked earlier this month, rocketed past $700 yesterday, and today it breifly peaked above $1,000.

At the time of writing, bitcoin cash was trading at $972.55, more than 90 per cent higher than its previous closing price, according to CoinMarketCap.

The stunning rise has not been matched by its predecessor bitcoin, however. The cryptocurrency nudged down even further from the all-time high of more than $4,500 that it reached on Thursday.

Bitcoin prices were down 4.57 per cent at $4,122.49 at the time of writing.

According to industry news site CoinDesk, the fresh rise in bitcoin cash's price was down to new exchange volumes, namely in South Korea, and an increase in mining activity, which is the way that new coins are created.

Read more: Cryptocurrencies make solid gains this week

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