Something came out in my mind recently:
How would the price of Bitcoin change if there were no other cryptocurrency than Bitcoin?
Would Bitcoin develop faster without a competition?
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.
No other competitor to bitcoin that is right but if you mean if there is no other crypto currency in the market then what will be the effect on the price of bitcoin? Yes, if there is no currency other than Bitcoin then Bitcoin will have no value. Other cryptocurrencies act as a supporter of Bitcoin in the market and trading in pairs with other currencies creates a positive or negative effect on Bitcoin.