No not at all, in life, if there are no competition, no matter how insignificant, we tend to relax and never do our best. Bitcoin is widely adopted today, not because it was the first crypto currency, there were at least two crypto currencies before its creation. Its dominance is based on its unique  features as a medium of payment and also an asset to mention but a few. These features and the consistency of the coin in experiencing a bull run after every halving makes people see it as a valid investment opportunity. No other crypto currency can boast of having such solid foundation. In fact, they lean on bitcoin in order to gain recognition.

Take for example, whenever we're close to the next halving, many altcoins come into view and start gathering users by engaging them in free mining activities to launch within the halving period, most of them now use the halving approach to reduce supply. Bitcoin is a pace setter, it leads and others follow, so it wouldn't be out of place to call it the king of crypto currency.