What is Altcoin?
An altcoin is a synonym to denote any cryptocurrency that is not Bitcoin, and it can be considered to be derived from the words “alternative Bitcoin” or “alternative coins.” Bitcoin is the first and most popular cryptocurrency today, but ever since it was launched, many other coins have been developed. These coins are categorized as altcoins.
There are a few thousand altcoins in the crypto market today, and new cryptos and tokens are developed each year. Some of the most popular altcoins are Ether, Monero, Zcash, XRP, Cardano, Litecoin, etc. The Altcoins are further classified based on their functionalities and consensus mechanism as stablecoins, mining coins, security tokens, and utility tokens.