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Yes and no. I think the 'chan' version of the alternative right - the version for which the pun works - shares a lot of ideas but is a bit of a thing unto itself. The confusion is maybe more that journalists are calling everything 'alt-right' when maybe some of it is morr 'alternative right'.
I'm totally cheeseparing, I know.
h2o
We were discussing this at work the other day. The conclusion was that the name is actually from Alternative right, the Alt Key version seems to have arisen after the name.