A new digital currency called "bitcoin cash" was created yesterday by the splitting of the bitcoin blockchain.
Everyone who held bitcoin before the split was entitled to receive the same number of "bitcoin cash" tokens.
The price of the new token has rallied nearly 200 percent from around $214 to $628.A new digital currency called "bitcoin cash" (BCH), created by the splitting of the bitcoin blockchain, is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community.
The new currency token, "bitcoin cash", was created on Tuesday when a section of the bitcoin community forced the blockchain (the digital ledger which records every bitcoin transaction) to split into two separate chains.
Everyone who held bitcoin before the split was entitled to the same number of "bitcoin cash" tokens, effectively receiving a free dividend.
In the hours after the blockchain split, the price for the new token fell close to $214, according to CoinMarketCap. But the price has since rallied as more transactions of the new token take place. It is currently trading around $628.37.Only a minority of bitcoin miners, the folks who unlock bitcoin from bitcoin blocks, support the new currency. Furthermore, a number of exchanges have said they won't back bitcoin cash.