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2017.08.1820:44:00UTC+00‘Bitcoin Cash’ Soars on Bets of Faster Transaction Speeds

The bitcoin offshoot or bitcoin cash posted a dramatic increase on Friday after signs that the digital currency could hit reach its goal to improve transaction speeds.

Bitcoin cash rallied 40 percent from the previous day's close of $460.53 to reach $655 on Friday, CoinMarketCap reported. This is the highest level it reached since bitcoin cash hit $756.93 on August 2, the day after bitcoin was divided into bitcoin and bitcoin cash.

The original bitcoin traded 2 percent down on Friday close to the $4,220 level after reaching a record high of $4,522.13 on Thursday.

But the volatile increase was even greater when we take into consideration that bitcoin cash reached an intraday low of $293 Thursday before rising to $460.53 according to CoinMarketCap.

This week, cryptocurrency “miners” mined an eight megabyte block against the original bitcoin's one megabyte, that will make enhanced transactions feasible. CEO of CryptoCompare Charlie Hayter said that it has also proven that bitcoin cash is working.

Hayter added that the increase in bitcoin cash's price made the offshoot currency's more profitable and made it more convenient for miners to mine bitcoin cash against bitcoin, giving additional gains in the offshoot currency's price.

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