Bitcoin forks Bitcoin SV and Bitcoin Cash have been hit hard by today’s dip in crypto prices.
Bitcoin SV (BSV) is down over 6% in the past day, currently changing hands at $32.66 per coin, data from CoinGecko shows.
The normally obscure asset—the 56th biggest virtual currency by market cap—has also plunged by 15% in the past seven days.
While Bitcoin Cash (BCH) is also suffering: It’s currently trading for $216.53, a 5.4% dip over the past day.
The biggest and most successful BTC fork has nosedived over 14% in the past week, too.
Bitcoin forks are typically sleepy, but following Wall Street crypto exchange EDX Markets’ listing of BCH in June, the 17th biggest digital asset by market cap made a comeback.
Bitcoin forks are spin-offs of the biggest and oldest digital currency. They came into existence after developers over the years working on Bitcoin’s code disagreed on a way to move forward with the project so created new cryptocurrencies.
There are currently over 100 forks of BTC.
Other altcoins like Sui (SUI) and Apecoin (APE) have also plunged in price today. SUI, which launched in May, is right now trading for $0.411879, down 6% in 24 hours; APE has dipped even further in the past day and is now priced at $1.02.
Despite the drop in prices, institutions seem to be bullish: alternative asset manager CoinShares said Monday that investors poured a total of $78 million into the sector, the second consecutive week of positive inflows, with BTC products being the main beneficiary.
Meanwhile Bitcoin, the biggest digital asset by market cap, is down 1.6% in the past 24 hours, trading for $27,501. And Ethereum, the second-largest asset, is lagging 3% from where it was a day ago.
Stay on top of crypto news, get daily updates in your inbox.
Source: https://decrypt.co/200685/bitcoin-forks-sui-aptos-and-apecoin-hit-hardest-as-market-plunges
