Is Bitcoin overhyped?
Definitely. There's no doubt there are alternate cryptocurrencies that are as good as Bitcoin, or even better: lower and faster transaction fees for instance. Even when BTC tx fees have pumped up to 40$ it remained popular. I think the fact that Bitcoin was the first cryptocurrency and it is 9 years old already, which is why people trust it mostly, plays a key role in its demand.
Indeed, the fact that Bitcoin cannot be defeated by other cryptocurrency.
Altcoin remains Altcoins as pino on the chessboard.
Bitcoin has a huge capitalist for its total finances.