Bitcoin forks Bitcoin SV and Bitcoin Cash have been hit hard by today’s drop in cryptocurrency prices.
Bitcoin SV (BSV) has fallen over 6% in the past day and is currently trading at $32.66 per coin, according to data from CoinGecko.
This normally obscure asset, the 56th largest cryptocurrency by market capitalization, has also fallen 15% over the past seven days.
Bitcoin Cash (BCH) is also struggling, currently trading at $216.53, down 5.4% over the past day.
The largest and most successful BTC fork has also plummeted by more than 14% over the past week.
Bitcoin forks are usually a sleepy affair, but the 17th-largest digital asset by market capitalization has been revived following the June listing of BCH by Wall Street crypto exchange EDX Markets.
Bitcoin fork is an offshoot of the largest and oldest digital currency. They came into existence after developers who had been working on Bitcoin’s code for years disagreed on how to proceed with the project and a new cryptocurrency was created.
Currently, there are over 100 forks of BTC.
Other altcoins such as Sui (SUI) and Apecoin (APE) also saw their prices plummet today. SUI, which was launched in May, is currently trading at $0.411879, down 6% in 24 hours. APE has fallen further over the past day and currently stands at $1.02.
Despite falling prices, financial institutions appear bullish. Alternative asset manager CoinShares announced on Monday that investors poured a total of $78 million into the sector, marking the second consecutive week of positive inflows, with BTC products being the main beneficiary.
Meanwhile, Bitcoin, the largest digital asset by market capitalization, fell 1.6% in the past 24 hours to trade at $27,501. And Ethereum, the second largest asset, is lagging 3% from the previous day.
