Bitcoin Cash (BCH) is now trading at a new all-time high as the cryptocurrency gains popularity and market acceptance.
Bitcoin Cash (Bcash) surged more than 8% to $9,898.20 on Friday.
It is currently trading at $9.84, up 1.3% from its low in late July.
The cryptocurrency has also gained ground on the dollar, which is trading at US$9,800.94, up nearly 5% from the previous high.
The surge in popularity is largely due to its promise of a secure and anonymous cryptocurrency.
It has been touted by the likes of Coinbase, a bitcoin wallet provider, as a secure way to store digital money.
However, there is growing concern that Bcash could undermine the trust in the cryptocurrency by allowing people to steal funds and use it for nefarious purposes.
This week the US Federal Reserve published a report detailing concerns about Bcash’s scalability, and suggested the cryptocurrency could be vulnerable to attacks from hackers.
Bitcoin, meanwhile, has been enjoying a meteoric rise since its recent fall from $3,200 in December.
It soared more than 15,000% from $1,500 to more than $6,500 in a matter of months.
The latest surge in demand has also boosted the price of Bcash, which currently trades at $7,868.25.
The cryptocurrency is up almost 3,000%.