Bitcoin's value skyrocketed early this week to a record-breaking $3,451.86 per coin on the money trade.

It has never crossed the $3,000 mark until the first weekend of August.

The Bitcoin Market value has also risen dramatically and is now equivalent to a total of $56 billion. This increase of the said virtual currency has lead to the creation of another named Bitcoin Cash.

The virtual currency has been an alternative mode of payment to other people which made their transaction easier and more efficient.

The Bitcoin Cash

Its name has been derived and is considered as a spin-off of the original currency.

Bitcoin Cash has been created last weekend due to the crossing of the $3000 mark of Bitcoin.

This new currency is at it's attained peak price, $727.54 per coin as of August 2.

Coinbase, one of the affiliated company that offers exchange and wallet services, previously denied and said that they wouldn't support the new virtual currency.

After a week or so, Coinbase decided to revoke its earlier announcement due to its increasing demand and popularity.

The crisis and Bitcoin fork

The virtual currency's value experienced a lot of highs and lows this July of 2017.

A scheme called Segwit 2x gained favor last July, and as a result, Bitcoin's value dipped to $1,938.94.

After some considerable time, a group not favored on this initiative decided to fork the currency.

On August 1, this unhappy groups offered investors to match every Bitcoin in the market with Bitcoin cash. This movement has the potential to undermine original virtual currency and make the new one an alternative over it.

Bitcoin Blockchain Adviser Michael Parsons said the virtual currency is more resilient than everyone thought when it first arrived.

He added that the currency could come in more than just one iteration because of the success it has attained.

According to another blockchain adviser and a market watcher, the emergence of Bitcoin Cash, the new crypto currency, had even contributed to the original virtual currency's value to rise.

Matthew Newton, a market analyst, stated on eToro trading platform that he monitored some that traded their Bitcoin Cash to the original Bitcoin.

Some investors on the new virtual currency are slowly moving back to the original Bitcoin.

Etherium, another cloud-based currency has also seen a continuous increase in its value this year. This makes investors think that the newly-launched virtual money will also see success.