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Bitcoin soars to record high following cryptocurrency split

By contrast, the breakaway strand called Bitcoin Cash isn't doing so well.

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Katie Collins
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Katie Collins Senior European Correspondent
Katie a UK-based news reporter and features writer. Officially, she is CNET's European correspondent, covering tech policy and Big Tech in the EU and UK. Unofficially, she serves as CNET's Taylor Swift correspondent. You can also find her writing about tech for good, ethics and human rights, the climate crisis, robots, travel and digital culture. She was once described a "living synth" by London's Evening Standard for having a microchip injected into her hand.
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Bitcoin cryptocurrency

Bitcoin has enjoyed a good weekend.

 Vyacheslav Prokofyev

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

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

The split that spawned Bitcoin Cash followed a feud over 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, been a step in the right direction for the digital currency. Some bitcoin transactions will move off the main network later this month as the new system starts to kick in.