So what do you think would happen if another Cryptocurrency (Example Monero / Ethereum etc) were to take Bitcoins spot as first in market cap?
Then there would be a new "KING" if that thing do happen on seeing bitcoin is being overtaken by other altcoins in the market.It would surely be a record and lots of people would be shocked specially to those who hardly believe on bitcoin but we do all know this thing is really hard to achieve,its possible but would really takes time and consideration on the community on switching out into a new coin rather than on bitcoin itself.
So lets say theoretically , People saw Bitcoin and saw its many problems involving scalability etc , and dumped all of their BTC for whatever crypto... Say they took the entire market cap of BTC into ETH or XMR...
Wouldn't it be time for people to say goodbye to BTC and accept a new King?
If ever the dumped you're talking about happen that will definitely affect the market and will cause the market to crash. As you can see the price of every cryptos are proportional to bitcoin so when the dumped happened the price of bitcoin will go down and so the other cryptos.
Good point right there, dumping btc means dumping majority of the alts as well, because btc has been the main basis of their respective value in the market.
I dont see any reasons why the btc will be dethroned by another coin/token. For the next 10 years btc still sits atop of all cryptocurrency.
One reason why alts cant take over the top spot, because when a certain alt are about to overtake btc (im sure the price will increase in a good percentage) that's where dumping takes place.