In the midst of a brutal market sell-off, almost all cryptocurrencies are witnessing significant losses. Among these, Bitcoin Cash (BCH) and Bitcoin SV (BSV) are performing particularly poorly, having lost 7.9% and 9.5% respectively in the last 24 hours. As it stands, Bitcoin Cash and Bitcoin SV are the worst performers among the top 10 cryptocurrencies by market capitalization.
Bitcoin Cash now sits at just $241.95, whereas Bitcoin SV is currently hovering around $110. Both cryptocurrencies are now at their lowest price points since late October, and have been on an almost perpetual decline since late June—with both cryptocurrencies losing around half of their value in the last five months.
Meanwhile, Bitcoin (BTC) is also experience losses, albeit less severe—falling just over 4% since yesterday.
A further loss of less than 5% could see Bitcoin Cash lose its position as the fourth-largest cryptocurrency, potentially being overtaken by Tether (USDT) which currently has a market cap of more than $4.1 billion. In addition, both cryptocurrencies have seen their hash rate slump by more than 10% in the last 24 hours, indicating miners are beginning to feel the squeeze.
The negative market sentiment could be a direct result of Bitcoin miner capitulation. For the past month, the Bitcoin hash rate has stagnated while bitcoin gradually lost value. Because of this, it is widely expected that an upwards break or a potential inversion is on the way, which could shake up Bitcoin and related markets.