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.
Does Bitcoin compete with other crypto coins?
I think Bitcoin has no competitor. Altcoins aren't the same with Bitcoin, they are different types. The existence of altcoins aren't intended to compete with Bitcoin, they are supporting the Bitcoin.
The price of Bitcoin will always depend on the demand from the investors. When we have Bitcoin only, it can have a higher price if the investors think Bitcoin is like a digital gold that has a unique value. But if the investors think Bitcoin will have a doubtful future because it has no support from other things, surely the price of Bitcoin will be lower due to the low demands from investors.
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?"
Whether we have altcoins or not, people will always have that mind. They will always ask themselves whether they need to buy Bitcoin or not. It doesn't depend on altcoins but it depends on the potential of the profits.