What are altcoins and how do they work?

Altcoins typically fall under a series of categories, including mining-based cryptocurrencies, stablecoins, security tokens, and utility tokens. Stablecoins are coins that are pegged to an existing asset, such as the US dollar or Euro. One of the most popular examples of this can be seen in Facebook’s Libra, which is pegged to USD.

How many altcoins are there?

After the success of Bitcoin many different cryptocurrencies were introduced, which followed Bitcoin’s blockchain fundamentals although in different variations. There are some considerations that there are more than 1400 altcoins and you can find the most important ones mentioned in the Altcoin News today section.

Is bitcoin an altcoin?

Back then, anything but Bitcoin (BTC) was considered an altcoin. Today the world of crypto assets is much broader. There is a wide variety of coins and tokens with use cases that go well beyond a medium of exchange, meaning they aren’t necessarily Bitcoin competitors.

What is a legendary altcoin season?

A legendary altcoin season is when cryptocurrencies outperform bitcoin and see their prices surge by as much as 100 times, he said. This event typically occurs once a year or once every three years. Once bitcoin hits a peak price point, altcoins tend to enter a bull market a few weeks or months later.