What Are Altcoins and Why Are There Over 5,000 of Them?

According to crypto market capitalization aggregators, there are more than 5,000 cryptocurrencies in existence today and over 20,000 different types of markets. BTC is the oldest and most known digital asset and most everything else has been typically referred to as an “altcoin.” The term refers to any of the thousands of prevalent cryptocurrencies that aim to work alongside bitcoin and each other, or are competing for ultimate domination.

Also read: Bitcoin History Part 5: A Wild Altcoin Appears

Since 2011 the Rate of Altcoin Issuance Has Grown Exponentially

Satoshi’s creation has been around for over 11 years now and there are 5,098 alternative cryptocurrencies (altcoins) that exist next to the creator’s invention. Cryptocurrency historians widely consider the Namecoin network as the very first altcoin and the term ‘altcoin’ was allegedly first described by the developer Andrew Chow.