So far there is no serious competition for bitcoin thought, also many people still consider any altcoins to bitcoin as some kind of different classification. The altcoins market capitalization itself always circulating around the altcoins same goes to bitcoin market capitalization so I guess that the competition is for altcoin only.
That's certainly true, mate. There's no altcoin in the market that can actually compete with Bitcoin. The only altcoin which seems to be close to Bitcoin in terms of development, popularity, and market cap ranking is Ethereum. The rest are outmatched by Bitcoin because they lack dedicated development, and most of all, mainstream adoption. Still though, some altcoins are great investments due to their highly supportive communities. As long as an specific cryptocurrency is being developed and supported by its community, then it'll be alive and running for quite a long time.
I believe that altcoins are useful when they provide features which are essential for everyday life. A good example of this is both Monero and Ethereum. The former can be used for privacy-centric transactions, while the other can be used for the development and/or interaction of smart contracts. While this is true, there are some altcoins that are useless due to the fact that they've been completely abandoned by their devs. In effect, this leaves many investors hodling that cryptocurrency with little to almost no value at all.
Therefore, it's best to thread carefully in crypto land as not all that glitters is gold. Just my opinion
