Bitcoin Forks Bitcoin SV and Bitcoin Cash Hit Hard by Crypto Price Dip
Bitcoin SV (BSV) and Bitcoin Cash (BCH), two prominent forks of Bitcoin, have experienced significant declines in the recent crypto market downturn. According to CoinGecko data, BSV has dropped over 6% in the past day and is currently valued at $32.66 per coin. In the last seven days, this relatively obscure cryptocurrency, ranked 56th by market capitalization, has seen a staggering 15% decrease.
BCH is also suffering, with a 5.4% decline over the past day, trading at $216.53. This largest and most successful BTC fork has experienced a massive 14% drop in the last week as well. Although Bitcoin forks are typically less active, the listing of BCH on Wall Street crypto exchange EDX Markets in June revived its performance as the 17th biggest digital asset by market cap.
The Origin of Bitcoin Forks
Bitcoin forks emerged due to disagreements among developers working on Bitcoin’s code regarding the project’s future direction, resulting in the creation of new cryptocurrencies. Currently, there are more than 100 forks of BTC.
Price Plunges for Other Altcoins
In addition to BSV and BCH, other altcoins like Sui (SUI) and Apecoin (APE) have also experienced price drops today. SUI, launched in May, is currently trading at $0.411879, down 6% within 24 hours. APE has seen an even more significant decline and is now priced at $1.02.
Institutional Bullishness Despite Market Downturn
Despite the overall drop in prices, institutions appear to remain bullish on the crypto sector. CoinShares, an alternative asset manager, revealed that investors poured a total of $78 million into the industry, marking the second consecutive week of positive inflows. BTC products have been the primary beneficiaries of this investment trend.
Bitcoin, the largest cryptocurrency by market cap, has experienced a 1.6% decrease in the past 24 hours, trading at $27,501. Ethereum, the second-largest asset, has also seen a 3% lag compared to its value from a day ago.
Hot Take: Bitcoin Forks Face Turbulence Amid Crypto Price Dip
The recent dip in crypto prices has significantly impacted Bitcoin forks such as Bitcoin SV (BSV) and Bitcoin Cash (BCH). These forks have experienced notable declines in value over both short-term and long-term periods. While the performance of altcoins like Sui (SUI) and Apecoin (APE) has also suffered, institutions continue to show optimism by investing millions into the crypto sector. Despite the market downturn, Bitcoin remains the largest digital asset by market capitalization. As the crypto market continues to fluctuate, it remains crucial for investors to stay informed about the performance of various cryptocurrencies and make informed decisions.
Source: [Decrypt](https://decrypt.co/84614/bitcoin-forks-bitcoin-sv-and-bitcoin-cash-hit-hard-by-crypto-price-dip)
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