As far as I am concerned, we really only need around 2-3 cryptocurrencies of the following five types;
1. Pure cryptocurrencies, e.g. Bitcoin, Litecoin and BCH
2. Stablecoins, e.g. Tether, Circle and Libra
3. Smart contract coins, e.g. ETH, TRON and EOS
4. Privacy coins, e.g. Monero, BTCP and ZEC
5. Corporate liquidity tokens, e.g. Ripple and Stellar.
Overall, that means there should be around 15 cryptocurrencies. Can anybody convince me otherwise?
Competition brings out the best on every participants, I am into giving every developer a chance to showcase what they got to overcome other competitors. More options, more choices and possible development will be available. At the end of the day, it is the investors and supporters who will decide what is best for them. Though I am not trying to convince you, it is just my POV.
Altcoin had been one of the pillars that supports the Bitcoin market. Most of its campaigns leads to the advertisement of Bitcoin since most of altcoins are paired with BTC on the market. Imagine a cryptocurrency with just Bitcoin in it? Investors often looks for variation to take advantage of the trading system. Though some is ok with fiat currency to BTC trades but we all know many of the community that get involved in cryptocurrency prefers cryptocurrency trades to escape financial institution's grasp.