there's always room for n + 1 algos, however it's very much a dog eat dog world. For each new algo that pops up it has to kill another one off, effectively making the existing algo obsolete in some way, in order to become big.
So room for more, yes, room for more widely used algos, not really.
With that said, I strongly believe that we'll achieve something truly great with FTC and the new algo. Our developers have put in a lot of great work and it looks promising (god I'm gonna stand with my pants down and feel ashamed after this statement if the algo takes a complete nosedive
). Scrypt has served it's purpose as an algo for GPU mining, that time's over now and a successor is very much needed. X11 and Scrypt-n hasn't quite managed to step up and become that, so at the moment I'd say there's a free space up for grabs in the room right now.
So room for more, yes, room for more widely used algos, not really.
With that said, I strongly believe that we'll achieve something truly great with FTC and the new algo. Our developers have put in a lot of great work and it looks promising (god I'm gonna stand with my pants down and feel ashamed after this statement if the algo takes a complete nosedive
). Scrypt has served it's purpose as an algo for GPU mining, that time's over now and a successor is very much needed. X11 and Scrypt-n hasn't quite managed to step up and become that, so at the moment I'd say there's a free space up for grabs in the room right now.