Ethereum has removed the stigma associated with alternatives to Bitcoin. Altcoins are prospering as a result.
That’s changed since 2011. With the emergence of more than 20,000 cryptocurrencies, each linked to different types of crypto projects and tokens. We have also seen the dexterity of coins stretch across sectors of public chains,If “altcoin” refers to non-Bitcoin cryptocurrencies with the same characteristics as Bitcoin, this definition certainly no longer suits all 20,000.
The evolved definition of an altcoin is now far more pinpointed — generally referring to an alternative coin within a particular track. Altcoins are often more advanced in technical features or ecosystem applications, but so far, no altcoin has come close to surpassing Bitcoin in consensus, ubiquity, or market capitalization.
Shaking off this stigma is another story. Ethereum’s status as the preeminent altcoin emerged from new developments in both the wider crypto ecosystem and its own operational capabilities. Technologically speaking, Ethereum hurdled over Bitcoin to become the first public chain to support smart contracts, essentially catalyzing DeFi.Suffice to say, we have noticed the decentralized application and community aspects of Ether’s growth have created a much more vibrant community.
Bestowing the altcoin title on Ethereum back in 2015 made sense, but its expansive applications and growth since then make that classification a bit constricting. And, we haven’t even mentioned the Merge yet.
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