Creating a new Altcoin is not only simple, but also has no cost, so it is favored by many scammers. It is not that we need so many alt coins, but scammers. In fact, many of them are shit. I believe that most of the Altcoins will die in the future, and the Altcoins that can survive will not exceed 10%.
When there are opportunities and holes to be exploited, scammers will try to benefit from it and is no exception to the cryptos hype. The number of alts is now very large and most of them will definitely be forgotten. Market selection will only leave coins that really have a vision and mission, along with continuous development. Not only alts from scam projects will be gone, alts from real projects with minimal development will certainly disappear too.