I dont know why people keep talking about bitcoin as a competitor. And I agree with the OP that they mean market capitalization and not in terms of price. We all like crypto and not just one coin so I will be happy this coin also get into the cryptocurrency market.
Never be fooled by others when they claim to replace bitcoin with new coins. This is impossible clearly guys, stay awake! Other coins are not for replacing bitcoin, they're only for making the variety in the markets.