The term “altcoin” refers to any cryptocurrency that isn’t Bitcoin – a digital money that isn’t Bitcoin. Because Bitcoin was the first cryptocurrency, each subsequent cryptocurrency was considered an “alternative.”
Ethereum, XRP, Litecoin, Cardano, and Dogecoin are some of the most well-known cryptocurrencies. Altcoin traders often trade enormous volumes of altcoins every day in the hopes of making quick money. Unlike HODLers, who plan to acquire cryptocurrencies and hold them for years, altcoin traders use a strategy based on real-time news and predict ideal timing to maximize possible profit. However, it is possible to lose a lot of money. Altcoin traders try to profit on the short-term volatility and price swings that an altcoin may experience.