In brief

  • The altcoin market is experiencing a mass downward trend during the last week.
  • Much of this can be put down to Ripple now being embroiled in a regulatory dispute with the SEC.
  • However, the prices of some altcoins are still increasing.

An array of niche cryptocurrencies have collapsed in price following the news that Ripple is embroiled in a regulatory battle with the SEC over XRP.

Cryptocurrencies other than Bitcoin are typically referred to as "alt coins," and many of these assets are susceptible to being pulled up or down by major market movements. XRP's price got cut in half following the SEC's announcement of action against Ripple, and many other alt coins are feeling the burn, too.

XRP
XRP
-2.04%$2.429
24H7D1M1YMAX
Created with Highcharts 10.3.312:00PMMay 1612:00PMMay 1712:00PMMay 1812:00PMMay 1912:00PMMay 2012:00PMMay 2112:00PMMay 2212:00PM12:…$2.25$2.3$2.35$2.4$2.45$2.5$2.55
Price data by
XRP price

Take HEDG, the coin that powers Hedge Trade, a place for traders and investors to share their knowledge. Per CoinMarketCap, the HEDG coin is down by over 30% during the last seven days, and fell by 6.36% today. Its market cap is $143 million.

Or ABBC Coin, which trades on small-time exchanges like BitZ, CoinTiger, ZBG and DigiFinex. Despite a near 3% uptick during the last 24 hours, the alt coin's value has dropped by almost 15% during the last week.

Another striking example is Nano, an altcoin that made headlines in the UK earlier this year as a cryptocurrency you could earn while gaming at a bar in the North East of England. During the last week, Nano's price has dropped approximately 11%.

Altcoins on CoinMarketCap
Altcoins are suffering a downward trend this week. Image: Shutterstock

While the general altcoin outlook is pretty bleak, some are rising up against the grain.

The retro space arcade game—with a modern twist. Image: James Coxen.

Earn Cryptocurrency by Playing Retro Space Invaders Game in UK Bar

You can now earn cryptocurrency by playing space invaders IRL. Yes, really. The retro space invaders arcade machine is located in the Pixel Bar bar in Leeds, UK. It's free to play the game and rewards are paid out in the cryptocurrency Nano (NANO). But how did this crypto-focused machine come about? The space invaders machine in the Pixel bar in Leeds. Image: James Coxon. At a Nano meet-up in 2019, a hacked-together Space Invaders arcade machine was on display to the Nano community. Players woul...

NewsTechnology
3 min read
Scott Chipolina

For example, SwissBork's CHSB token increased by about 1% in the past day and 57% in the last week. Swissbord, based in Lausanne, Switzerland, aims to decentralize wealth management. And in this crazy market, it kinda has.

It will be interesting to see how the altcoin industry reacts to any further updates from the SEC.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.