The price of bitcoin cash is surging toward $1,000.

At press time, the cryptocurrency that powers an alternative version of the bitcoin protocol, had reached a high of more than $920 during today's session, up more than 70% from its price of $543 just 24 hours ago.

The development comes at a time when volume across global exchanges has more than tripled on strong trading in the South Korean won.

Data from Coinmarketcap indicates 24-hour volume in bitcoin cash was $3 billion on Friday, up from $744 million on Thursday and as little as $106 million on Wednesday.

Yet, the increased trading volume is also the latest sign bitcoin cash is establishing its market in the face of key challenges that have emerged since it first forked from bitcoin on August 1.

Bitcoin cash

(BCH) differs from the bitcoin blockchain (BTC) in that it supports an 8 MB block size, but that does not have a malleability fix via Segregated Witness, though more pronounced have been differences in its economic network.

While it remains to be seen whether bitcoin cash can attract widespread exchange and miner support to develop its own economy, today's evidence suggests it may be on its way to doing so.

Cash register image via Shutterstock