That's what most people use them for, apart from a few altcoins that are the top ones, like ETH, all other altcoins are used for short-term or mid-term trading because of their highly volatile nature and when an asset is highly volatile, they carry a lot of risks if they are held for a long time since you never know when it drops its value significantly and don't even give you a window to be able to sell your holdings which can cause you losses or you will have to wait a long time for the coin to regain value so that you can sell your assets.

Altcoins can be a great way to earn quick profits, and people often consider this fact while trading altcoins despite the risks involved because if you can get about 10% gain in a single day from an altcoin, you can't ask for more than that from a financial market considering your capital is high enough and 10% of it is good money.