Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.
But, in my opinion, the price of Bitcoin is lower if it does not have a competition. Why? Because if there is no competition, the buyer's thinking is "should I buy this or not?" however if there is competition, the buyer's mind is "should I buy Bitcoin or these alts?"
As a result, not just Bitcoin but other altcoins will benefit. So, rather than being upset or sad because there is a competition, we can look at it in a positive way.
There are so many other factors aside competition that influence the price of bitcoin and one of them is the forces of demand and supply.
Currently, the availability of several altcoins is just like a joke compared to Bitcoin. The demand for Bitcoin is still very high. Now, if there were no other coins, making Bitcoin the only cryptocurrency, everyone will fall back to Bitcoin and of course we know this will result in an increase in demand,
Thereby making the price of Bitcoin to be high due to its high demand and limited supply.