Nobody really knows what is a competitor of what. It is entirely possible that coins will find different niches and not compete directly, but both succeed in some way. It is also possible that one coin will prevail over the another, but for reasons that are hard to know in advance. Alternately it is possible that neither will succeed. Finally it is certainly possible they are direct competitors. Use your own judgement to decide.

Also, one small comment on objectivity and logic. When people make this argument (and someone else made it very recently on this thread) of the form "X therefore I can't understand why Y," the implication is generally that because of X, Y should not happen, but better logic is to say that you observe X and simultaneously observe Y, which contradicts your understanding, therefore your understanding of the relationship between X and Y is likely flawed.