Bitcoin's value just went nuts

Photo: Joe Raedle/ Getty Images.

Bitcoin shot up to a new record high in weekend trade, reaching a top of $US3,360.

According to a report by CNBC, investor relief is driving the latest rally, as this week’s split in the currency proved to be relatively uneventful.

A short time ago, Bitcoin was holding its recent gains above $US3,250.

Following a fork in the currency earlier this week which created two separate versions of Bitcoin, the alternative Bitcoin Cash looks to be rapidly falling in popularity.

Bitcoin Cash prices have slipped from $US765 at the time of the fork to below $US250 over the weekend, amid reports of a hack on the Bitcoin Cash network.

The world’s second-biggest cryptocurrency, Ethereum, has also seen strong demand over the weekend.

The price of Ether tokens is now moving back towards $US300 after falling as low at $US150 in mid-July.

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