Bitcoin Cash (BCH) has hit a new all time high after the cryptocurrency hit a record high of $11,000 on the Tokyo-based cryptocurrency exchange BTC China on Thursday.
The cryptocurrency had previously traded for around $5,500 on the Bitcoin exchange Bitstamp on Wednesday.
“Bitcoin Cash reached its record high on BTC China at 11,000 (BTC) on November 23, 2017.
The coin was trading at around $7,000, which was above the $5.4 billion mark,” Bitcoin Cash’s trading volume is said to have surpassed $200 million on November 22, according to BTC China.
Bitcoin Cash had been trading at $5 in mid-November, after a series of big gains, as its value surged as more people began to buy into the cryptocurrency.
Bitcoin Cash has soared to a total of more than $1,600 on BTC, the highest of all cryptocurrencies.
Earlier this week, the Chinese government banned the use of bitcoin in certain sectors, including financial services, and said bitcoin exchanges would be held responsible for all losses caused by such actions.
In a tweet, BTC China CEO Yiming Zhao said the cryptocurrency is the most popular cryptocurrency in China, adding, “We are glad to see such a successful market expansion.
Our cryptocurrency will always remain on top.”
Bitcoin Cash is not the first cryptocurrency to launch a new price this week.
Earlier this week the cryptocurrency saw its biggest day in the last six weeks as investors began to flock to it.
The altcoin was the third-most popular cryptocurrency after Ethereum and Litecoin.
Bitcoin has also gained ground in recent weeks, with the cryptocurrency gaining around 30 percent in the past 12 months.