As noted this was expected. I predict it will be a short term situation, give it a few months. The entire system self corrects. As hashrate drops, mining gets easier which eventually pulls more in. This, in turn, lifts up hashrate.
Bitcoin is still miles ahead of the other Bitcoin alternatives. The big question on everyone's mind is will the price drop along with hashrate before resuming an upward trend?
This is my guess although there could be more upside on this leg up.
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Interestingly BCH and BSV didn't get the price boost along with hash rate increase.
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Normal users aren't so much interested in BCH or BSV so they don't panic buy it like they do with BTC.
For me, ETH has been a lot more profitable than BCH or BSV during last few weeks.