Today I took my time to go round the market, there are more than 9000 cryptos in the market, but bitcoin is still the king. Now that many other cryptocurrencies are seriously pumping can they take over from bitcoin? If they take over from bitcoin can they last in that position like bitcoin?
I guess you didn’t check the dominance rate of bitcoin in the market. In the whole cryptocurrency market Bitcoin has a dominance rate of about 43%. So that means that the whole altcoins in the market shares around 50% of the total cryptocurrency market cap. So, how exactly do you think that these cryptocurrencies are going to be able to beat Bitcoin to the number one position in the cryptocurrency market?
Even Ethereum that is the number one alternative coin in the market has only a dominance rate of just 19%, which means that the others have way less than that. So, I don’t see that happening anytime soon. By the way, there are over 13,000 coins according to Coinmarketcap.com.