Altcoins are cryptocurrencies that are not Bitcoin and are viewed as "alternatives" to Bitcoin. Typically, altcoin creators will claim that their token is superior to Bitcoin in some manner (such as a faster transaction speed, cheaper transaction fees and so forth). Various cryptocurrencies vie with Bitcoin for market capitalization, seeking to one day overtake Bitcoin's top spot.
Ethereum, XRP, Litecoin, Cardano, and Dogecoin are some of the most well-known cryptocurrencies. Altcoin traders typically trade high volumes of altcoins every day to make short-term profits. Unlike HODLers, who want to acquire altcoins and hold them for years, altcoin traders attempt a strategy based on real-time news and predict ideal timing to achieve the biggest possible returns, but they can also incur significant losses. Altcoin traders try to profit from the volatility and price changes that a cryptocurrency (particularly an altcoin) may experience in a short period of time.