New Bitcoin Stemmed Cryptocurrency Hits All-Time High

Over the course of the past few weeks of "cryptocurrency frenzy" leading to the planned hard fork that intended to increase the Bitcoin blocksize capacity from 1MB to 2MB, Bitcoin Cash markets have skyrocketed in value.

Cryptocurrency traders all over the world have been dumping Bitcoin Classic after its developers announced they would soon cease support of the digital project. Tom Zander, the release manager of Bitcoin Classic, wrote in a blog post on Friday that the best and easiest strategy for users was to sell their old Bitcoins for Cash coins. He gave the new clone currency at most six months to replace the original one.

"In at most 6 months I’m sure we’ll just drop the "Cash" and call it "Bitcoin," he said.

In a wake of these news, the Exchange market data has shown recently that the new cryptocurrency value has risen over 50 percent to trade at $1,041.00 before bouncing slightly back to $969.00.

Zander has assumed that the future was bright for Bitcoin Cash. He admitted that new clone currency would sooner or later eclipse Legacy Bitcoin and become the main cryptocurrency.

Bitcoin is one of the most popular cryptocurrencies, which have solely digital form and allow users to make payments for goods and services online. It was introduced in 2009 as an independent alternative to government-backed currencies.