The Bitcoin network split into two separate currencies Bitcoin and Bitcoin Cash. The two currencies are incompatible and they are operating side by side. Both of them have the same cartographic credentials but they have different values. The bitcoins blockchain forked so instead of creating a totally new cryptocurrency starting at block 0, it created a duplicate version. They share the same history, but future transactions will be totally independent.
Bitcoin cash was created because some of the supporters thought that the growth of the bitcoin network will cause slow payment processing and higher payment fees. Each block in the blockchain is limited to 1MB (megabyte) which means that the network processing limit is about 7 transactions per second. The argument between supporters lasted more then 2 years and then big block supporters forked the bitcoin and created a rival currency.
After the launching of bitcoin cash, crypto investors went into trading frenzy which caused the new currency to have a high value (about 300$ at the moment of writing). Anyway the next few weeks will be critical for the new currency and the question remains if the supporters can keep it stable and could it reach critical mass of users and businesses.