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.
I don't think that there is any altcoin which is a new coin will replace bitcoin because people now only focus with bitcoin although, for the veteran user, they still depend with altcoin to help them to make profits. I think altcoin exist is because they can help us to earn more profit so we can use altcoin to increase our chance to make more bitcoin.