There are lot of cryptocurrency coin competing each other and bitcoin is one of them. Competition is always there as long as digital currency is emerging.
yes competitor may always be there but i do not think that any altcoin can come to bitcoin level, bitcoin is the most popular currency of the world and is ruling over the world and will hopefully continue as number one crypto currency of the world for a long long time. i cannot see any competitor of bitcoin in near future which can give tough time to bitcoin.